Russian Novak says no urgent oil market decision on Omicron

The OPEC logo will be displayed before the start of an informal meeting of members of the Organization of Petroleum Exporting Countries (OPEC) in Algiers, Algeria, on September 28, 2016. REUTERS / Ramzi Boudina / File Photo

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MOSCOW, Nov. 29 (Reuters) – Russia does not see an urgent need for action on the new Omicron Coronavirus variant, with Deputy Prime Minister Alexander Novak announcing on Monday that there could be changes to the OPEC + oil supply agreement.

The Organization of Petroleum Exporting Countries (OPEC) and the Russian-led OPEC + will hold an online meeting this week to discuss oil policy.

Sources said on Friday that OPEC + is monitoring developments related to OMICron, with some fearing it could weaken demand. Read more

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“We have to be very careful. There is no need for hasty decisions,” said Novak, an Interfax news agency. His comments have been confirmed by the spokesperson.

“Despite all this, we will talk to OPEC + countries about the market situation and any further measures,” he said.

Referring to OPEC + monitoring panel, known as Novak JMC, “JMMC has moved to get more detailed information about current events, including the new virus.”

The JMC Online meeting scheduled for November 30 will now take place on December 2, the same day as the main OPEC + Ministerial meeting.

OPEC + has increased US supply by 400,000 barrels a month since August, and has been pushing for more US oil production, as it slowly eases last year’s high production.

This week’s meeting will discuss the outcome of January.

Novak has not asked OPEC + partners to renegotiate their current deal in response to the OIC, news agencies reported.

Oil prices rose on Monday as investors sought to negotiate after Friday’s fall and OPEC + could halt production in response to the new volatility. Read more

Earlier on Friday, OPEC + sources said the group had not discussed a halt to production in January. Iraq says on Thursday OPEC + must stick to its plan.

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Reporting by Vladimir Soldatkin and Max Rodinov; Written by Alexander Marrow and Vladimir Soldatkin; Edited by Jason Nilly and Edmund Blefer

Our standards are published in The Thomson Reuters Trust Principles.


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