- Despite omicron wave, oil demand rose in Q4 2021 by 1.1 mil bpd to 99 mil bpd
- But supply will soon overtake demand as some producers set to pump at or above all-time highs
- Steady rise in supply could see significant surplus in Q1 2022 and going forward
- US, Canada, Brazil set to pump at all-time highs for the year
- Russia and Saudi could also break their output records
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