OPEC said it believes that the Omicron variant will not have as much of an impact as widely feared on Dec. 13, leaving its forecast for global oil demand unchanged for the first quarter of 2022. “The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges,” OPEC said its December monthly report. Oil prices sharply dropped in late November through early December as the new variant emerged, with global crude prices ending November with their largest percentage declines since March 2020. The price dropped suddenly by 10 percent on Nov. 26 after Thanksgiving, when reports of the new variant emerged and traders feared a renewed hit to demand. OPEC and its allies decided on Dec. 2 to stick to their planned production increase of 400,000 bpd for January 2022, with the decision appearing to …
OPEC Remains Steady on Demand for Oil in 2022
December 13, 2021
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Business & EconomyBusinesses in COVID-19CCP ViruseconomyGold & CommoditiesOilOmicron variantOPECWorld
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