OPEC + does not change course and follows up on the existing agreement to increase production by 400,000 bpd in January. Therefore, from the monthly meeting held today no changes of direction emerged even if the fears related to the new Omicron variant and to the release by the United States of crude oil reserves led the countries of the Organization to consider other ways. The OPEC countries plus Russia and its allies, known as OPEC +, would have considered a series of other options including the suspension of the January increase or a lower production increase, then favoring a confirmation of what was agreed in the past months.
The reaction of oil was initially bearish, with WTI losing around 3% below $ 64, and then returning to the positive in the $ 66 area.
The unknowns linked to the pandemic make OPEC + fear that the new restrictions in Europe could affect demand. “We have to closely monitor the market to see the real effect of Omicron,” an OPEC + delegate said after the talks.