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BREAKING
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police

OPEC+ Concerned Over Oil Market in Light of New COVID Variant

  • By Al Mayadeen
  • Source: Agencies
  • 26 Nov 2021 23:27
2 Min Read

OPEC+ closely monitors the new COVID-19 variant amid worries over the outlook for the oil market.

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  • A 3D printed oil pump jack is seen in front of displayed Opec logo (Credit: Reuters)
    A 3D printed oil pump jack is seen in front of an Opec logo. (Credit: Reuters)

OPEC+ is closely eyeing the new COVID-19 variant as some are expressing their concerns that it may have an adverse impact on the oil market outlook days ahead of a policy-setting meeting, sources reported.

The organization is already facing attempts to release oil stocks, led by the US, in a bid to mitigate the surge in prices. However, a source reported that Russia, a key member of the organization, has not yet expressed concern over the variant.

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OPEC+ has resisted the US calls for lowering oil prices, adhering to unwinding 2020's output curbs through adding 400,000 barrels of supply per day every month since August.

Global authorities reacted in a very alarmed manner to the detection of a new COVID-19 variant, as the European Union, the United Kingdom, India, and various other counties announced stricter border control. Oil dipped by over 10%, making for the largest plunge since April 2020.

"Not good as it adds bearishness to an already weak outlook," said an OPEC delegate about the new variant while asking to remain anonymous. Another said, "This could be the case, although it was too early to say."

OPEC will be meeting on December 2 to decide output policy, which could see them assessing the significance of the variant for the market.

  • United States
  • OPEC
  • B.1.1.529 variant
  • Russia
  • India
  • COVID-19
  • OPEC+
  • United Kingdom
  • European Union

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