OPEC+ to Discuss Response to Latest Covid Variant This Week By Bloomberg – Investing.com

OPEC+ to Discuss Response to Latest Covid Variant This Week By Bloomberg – Investing.com

(Bloomberg) -- OPEC and its allies will discuss their response to the Omicron variant of the coronavirus at their meeting this week, although their knowledge of the potential impact on oil markets remains limited. 

The comments on Monday from Russia and Saudi Arabia, the leaders of OPEC+, are the latest sign the group may reconsider its planned January production increase. Oil has been whipsawed in recent days, as the price increase of September and October was almost wiped out by a sudden slump triggered by the emergence of the new Covid-19 variant.

A meeting of the OPEC+ Joint Ministerial Monitoring Committee this week has been “postponed to get more information about the current events, including the new virus strain,” Russian Deputy Prime Minister Alexander Novak said in a statement.