Russia, Saudi Signal No Rush on Omicron Ahead of OPEC+ Meeting

OPEC+ postponed two committee meetings from that were planned for Nov. 29-30 to later during the week to “buy time to review matters” surrounding the new variant, Prince Abdulaziz said.

Vladimir Soldatkin and Ahmad Ghaddar, Reuters

Russia and Saudi Arabia signaled on Nov. 29 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 Nov. 29 after tumbling on Nov. 25 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 Nov. 29 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.

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