OPEC+ sees larger oil supply surpluses in January through March as a result of Omicron - Reuters

According to a document cited by Reuters, OPEC+ sees global oil supply surpluses widening to 2M barrels per day (BPD) in January, to 3.4M BPD in February and then to 3.8M BPD in March. OPEC+ reportedly sees the impact that Omicron related-travel restrictions are having on jet-fuel demand in Europe and Africa. Mobility and transportation fuel demand within Europe may also be affected by the new Covid-19 variant, the document reportedly warns.