LONDON: Opec+ oil producers meet on Thursday under pressure from US President Joe Biden, who has opened up his country’s taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation. The meeting “is shaping up to be one of the most significant since the pandemic demand recovery began, … Read more
RIYADH: The Opec+ group is likely to take a cautious stance when deciding next week whether to go ahead with the planned production increases; following the discovery of a new Covid-19 variant, Arab News quoted Geneva-based oil trader Vitol Group, as saying. The new variant, named Omicron, has rattled the oil market globally, pushing prices down to … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
