Fresh Challenge to Asian Oil Demand as Omicron Cuts Traffic
- Less vehicles on streets at start of year versus Dec.: Apple
- Flight cancellations have impacted jet fuel demand outlook
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Road traffic has thinned across Asia at the start of the year as the highly contagious omicron variant of the coronavirus sweeps through the region, flashing a bearish signal for oil demand.
Less vehicles have transited through most capital cities so far this month than in December, according to mobility data from Apple Inc., as authorities renew restrictions to curb the spread of the virus. Omicron recently breached China’s tough Covid defenses, prompting Goldman Sachs Group Inc. to reduce its 2022 growth forecast for the nation. Flight cancellations are also mounting in Asia.