“OPEC +” talks about the impact of Omicron on oil markets

A report by the “OPEC +” group spoke of the impact of the new Corona mutant, “Omicron” on oil markets, amid a state of anxiety due to fears of a decline in oil demand due to the mutant.

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After heavy losses, global stock exchanges ascend to the green zone

After heavy losses, global stock exchanges ascend to the green zone

A report by the group, which includes producers from the Organization of “OPEC” and outside, including Russia, said that the impact of “Omicron” on oil demand has not yet appeared, as the susceptibility to infection and the severity of symptoms are not yet clear.

The report indicated that the “OPEC +” bloc expects to increase the oil surplus to two million barrels per day in next January, 3.4 million barrels per day in next February, and 3.8 million barrels per day in March 2022.

“Overall, it appears that Omicron’s current impact will be on jet fuel, particularly in Africa and Europe,” the report said.

And on the impact of the decision of major oil consumers to withdraw quantities of strategic reserves and put them on the market, which was initiated by the United States, the group said that it expects the impact of withdrawals from strategic reserves to be minimal because some of them are voluntary and some are exchanges.

In terms of trading, oil prices rose today by about 3%, after heavy losses suffered yesterday and last Friday due to economic concerns due to the “Omicron” variable.

Today, the “OPEC” is holding a meeting today, and the “OPEC +” group will meet tomorrow, Thursday, to discuss the situation in the oil market.

Source: RT + Reuters

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