On Sunday, Bloomberg News quoted delegations of some OPEC member countries as saying that the organization will postpone two technical meetings scheduled for this week to give the committees more time to assess the impact of the spread of the new Covid strain (Omicron).
She added that the Organization of the Petroleum Exporting Countries (OPEC) will postpone the meeting of the Joint Technical Committee for Wednesday, while the Joint Ministerial Monitoring Committee, which includes representatives of the broader OPEC + of oil producers, will meet on Thursday.
Oil expert, Dr. Fahd bin Juma, expected a surplus in oil production during the next stage, with concerns about the virus’ mutations, and therefore it would be better to work on restoring the market balance.
Bin Jumaa said in an interview with “Al Arabiya” that the great exaggeration of the impact of the “Omicron” mutator from the emerging Corona virus, coincided with several factors that affected oil prices.
Sources expected to Bloomberg Agency, that the OPEC + group is increasingly inclined to abandon its plans to increase production in January, especially after the NYMEX losses exceeded 13% on Friday.
According to the agency, OPEC + began considering abandoning its plans to continue increasing production early next year, after the United States and other countries, including China, announced the withdrawal from their strategic reserves, and that the trend towards this opinion became stronger with the repercussions of the “Omicron” mutator.
It was due to you OPEC + by adding 400 thousand barrels per day Next January, as part of the monthly schedule to increase supplies.
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