Russia and Saudi signal no rush on Omicron ahead of Opec+ meeting

Russia and Saudi signal no rush on Omicron ahead of Opec+ meeting

Russia and Saudi signal no rush on Omicron ahead of Opec+ meeting

November 29 2021 09:57 PM



Opec and others led by Russia, a group known as Opec+, hold online meetings this week to decide on oil production policy



Reuters Moscow/London

Russia and Saudi Arabia signalled on Monday there was no need for Opec+ to race to adjust oil output policy this week, as crude prices rebounded from last week’s slide with the worst fears about the impact of the Omicron variant on demand easing.

Oil prices rebounded on Monday after tumbling on Friday by more than 10% alongside other financial markets in their largest one-day drop since April 2020 as the new variant added to concerns about a possible supply glut.

Russian Deputy Prime Minister Alexander Novak was quoted as saying on Monday that he sees no need for urgent action on the oil market over Omicron, downplaying the possibility of changes to an Opec+ oil supply deal this week.

Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud said on Monday he was not worried about the Omicron, Asharq Business reported, but he declined to comment on Opec+ plans.

Saudi Aramco CEO Amin Nasser said on Monday that oil markets had