OPEC Plus postpones technical meeting to Wednesday (1 Dec) hopes to assess the impact of Omicron virus on oil demand and prices first.
OPEC Plus postpones technical meeting to Wednesday (1 Dec) hopes to assess the impact of Omicron virus on oil demand and prices first.
Reuters reported, citing sources as saying. Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus It has decided to postpone the meeting of the Joint Technical Commission from Monday 29 November to Wednesday 1 December to assess the impact of the COVID-19 virus. Omicron strains affect oil prices and demand. OPEC will also hold a meeting on Wednesday.
The ministerial oversight committee meeting has also been postponed from Tuesday, Nov. 30 to Thursday, Dec. 2. The OPEC+ member states will also hold a policy meeting on Thursday. It is expected that the oil production policy will be announced at this meeting.
A source from OPEC Plus said OPEC Plus needed to assess the impact of the Omicron virus first. to see what to do next
At the last meeting OPEC Plus voted to increase oil production to only 400,000 barrels per day in December. Although the US has pressured OPEC Plus to add more production to slow the rise in oil prices.
“Russia Saudi Arabia And many other oil producers have refused to increase production so that consumers can have more fuel to use. This is wrong,” US President Joe Biden said at the G20 summit.
OPEC Plus is cautiously increasing oil production. Because of concerns that oil demand may collapse further. Amid the new wave of COVID-19 outbreak in different countries
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