Source says Russia is not concerned yet by variant impact on OPEC LONDON MOSCOW, November 26, sources said on Friday, with some concern that it could worsen the oil market outlook less than a week before a meeting to set policy.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC, is facing a release of oil stocks led by the United States to try to cool prices. Russia, a key OPEC member, was not concerned about the virus variant yet, according to a source.
OPEC has resisted U.S. calls to do more to lower oil prices, continuing to unwind last year's record output curbs by adding 400,000 barrels of supply per day every month since August. Global authorities reacted with alarm to the news of the B. The EU, Britain and India have announced stricter border controls, with 529 variant. The biggest drop since April 2020 was caused by the plunge in oil by more than 10%.
An OPEC delegate said that the new variant was not good as it adds bearishness to an already weak outlook, and added that it adds bearishness to an already weak outlook. One said this could be the case, although it was too early to say.
OPEC meets on December 2 to decide output policy. Another source said the group would assess the significance of the variant for the market.
Sources said that an OPEC panel that advises ministers sees the U.S.-led oil stocks release as increasing the supply excess that OPEC has already warned of next year.
Another OPEC delegation said it was not yet clear how significant an impact the variant would have, despite the slide in oil prices on Friday. Oil demand is expected to return to pre-pandemic levels of 100 million barrels per day in 2022, according to OPEC.
I am very concerned, he said. There are many unknowns at the moment. Prior to Friday, OPEC sources said the group had not discussed pausing their planned output hike in January. Iraq said on Thursday that the OPEC should stick to its plan.
A Russian source who was familiar with the variant downplayed it on Friday.
The panic on the market because of the new COVID version should calm down, the source said. The participants of the OPEC should be.