1. Crude oil market headed for surplus as Omicron coronovirus variant impact muted
MOSCOW (MRC) -- Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up despite the spread of the Omicron coronavirus variant, according to The Economic Times. "This time around, the surge is having a more muted impact on oil use," the Paris-based IEA said in its monthly oil report. "While the steady rise in supply could see a significant surplus materialise in 1Q22 and going forward, available data suggest that 2022 is starting off with global oil inventories well below pre-pandemic levels," it said. The United States, Canada and Brazil are set to pump at all-time highs for the year while Saudi Arabia and Russia could also break their output records.