OPEC + defers monitoring meeting to assess impact of omicron strain on oil market

OPEC + ministers have postponed a meeting of the monitoring group for two days in order to more carefully assess the impact of the new omicron coronavirus strain on the oil market, TASS has learned from two sources in delegations, Report informs.

According to them, the meeting of the technical monitoring committee, which was originally scheduled for November 29, will now take place on December 1. The experts of the technical committee traditionally prepare a report with scenarios for the development of the oil market for the coming months. On its basis, the ministerial monitoring committee can make one or another recommendation to the OPEC+ countries on actions on the oil market. The ministerial monitoring meeting is now scheduled for December 2.

At the same time, the ministerial meeting of the OPEC countries will be held on December 1, as previously planned. Finally, the final meeting of the OPEC + ministers is scheduled for 5 pm Baku time on December 2.

The OPEC+ countries at ministerial meetings on December 1-2 are to determine the oil production levels for January 2022. Since August this year, they have been restoring production by 400,000 barrels per day per month, including December. The United States has repeatedly demanded that OPEC+ countries increase production at a faster pace to lower oil prices. However, OPEC + still expected a decrease in demand and a surplus in supply at the beginning of 2022 and refused to revise the parameters for the recovery of oil production.