Auto

OPEC postpones technical meeting to assess Omicron’s impact

According to the document, OPEC and its allies, known as OPEC +, have moved the Joint Technical Committee from Monday to Wednesday. OPEC will hold a meeting on the same day.


expansionto look at a picture

Joint Ministerial Oversight Committee meets Thursday instead of Tuesday

According to OPEC + sources and documentation, OPEC and its allies have postponed the technical conference later this week, giving more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices. increase.

Oil prices on Friday fell by more than 10%, combined with other financial markets, the largest one-day fall since April 2020. This is due to the addition of concerns that new variants may surprise investors and increase supply surpluses in the first quarter.

Friday’s fall was exacerbated by the low liquidity of US holidays.

Earlier Friday, OPEC had already predicted that the surplus would surge after the US and other major consumers decided to release oil stocks to help lower prices.

tu91cnho tu91cnho

OPEC + releases 400,000 barrels of oil per day per month, reducing record savings from last year.

According to the document, OPEC and its allies, known as OPEC +, have moved the Joint Technical Committee from Monday to Wednesday. OPEC will hold a meeting on the same day.

The document states that the Joint Ministerial Oversight Committee will meet on Thursday instead of Tuesday, and OPEC + is likely to meet on the same day to announce policy decisions.

“We need more time to understand what this new variant is and if we need to overreact,” said one OPEC + source.

OPEC + releases 400,000 barrels of oil per day per month, reducing record cuts from last year, reducing production by 10 million barrels / day to address the decline in demand due to the virus blockade doing.

0 comment

OPEC + still has a reduction of about 3.8 million barrels / day, and some analysts may impact the post-release increase and demand from the new blockade to include new variants. Therefore, it suggests that the group may be suspended.

Follow carandbike.com for the latest car news and reviews. twitterSubscribe to the, Facebook, and YouTube channels.



OPEC postpones technical meeting to assess Omicron’s impact

Source link OPEC postpones technical meeting to assess Omicron’s impact

Related Articles

Back to top button