Omicron affects OPEC+ meeting schedule

Saudi Arabian Energy Minister Salman Ibn Abdul-Aziz said that OPEC+ technical meetings will not take place this week. He wrote about this on TwitterKosatka.Media reports.

So, according to him, technical meetings were temporarily postponed to assess the impact of the new strain of the coronavirus "Omicron" on demand and oil prices.

Recall that oil prices are falling due to fears that the global oversupply may increase in the first quarter after a coordinated release of strategic oil reserves, as well as since a new strain of coronavirus scared investors.

On Friday, oil prices plunged more than 10% - the largest one-day drop since April 2020.

Experts fear that the spread of a new variant of the coronavirus could weaken oil demand and undermine the global economic recovery, while fears of an oversupply could arise in the first quarter.

Tags: oil, USA, Asia, coronavirus, OPEC+, negotiations, price, petroleum products, pandemic, Saudi Arabia, oil reserves, economy, Biden

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