Russia sees no need for urgent action in the oil market over new coroner Omicron, Deputy Prime Minister Alexander Novak said today, downplaying the possibility of changes to the global oil deal.
The Organization of the Petroleum Exporting Countries (OPEC) and other countries led by Russia, a group known as OPEC +, will hold online meetings this week to determine policy on oil production.
On Friday, sources said that the OPEC + group is monitoring developments regarding Omicron, with some expressing concern that it could worsen the outlook for the oil market.
“We have to watch closely. There is no need for hasty decisions,” Novak was quoted as saying by Interfax news agency.
OPEC + has resisted US demands to take further steps to reduce oil prices, continuing to ease last year’s record production cuts by adding 400,000 barrels a day each month since August. This week’s meeting will discuss the January production.
Novak said that the OPEC + countries have not asked for a renegotiation of the current agreement in response to Omicron, according to news agencies.
Oil prices rose today as investors looked for opportunities after Friday’s dive and amid speculation that OPEC + may suspend production growth in response to the spread of the new coronavirus strain.
Prior to Friday, OPEC + sources said the group had not discussed suspending planned output growth in January. Iraq announced on Thursday that the OPEC + group will stick to its plans.
SOURCE: AMPE
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