348 Save for later Print Download Share LinkedIn Twitter Oil consumption is normalizing faster than initially thought, which to a large extent shows the fading impact of the pandemic — and the Omicron variant — on consumer behavior. As a result, the world can expect more oil demand overall, and especially in the first half of the year. Energy Intelligence has revised total demand in 2022 up by 240,000 barrels per day and switched how demand is distributed through the year. Crucially, the revision brings supply and demand close to balance in the first quarter. The revision shifts 800,000 b/d more to first-quarter demand and 300,000 b/d to the second. The adjustment, with robust product prices informing trends, makes the first half of the year much tighter and shows a less severe supply shortfall in the second half.
