Diminished fears of a possible drop in global demand due to the new variant, production increase decided by OPEC, will the price of a barrel of oil, which jumped 50% in 2021, go down or continue to progress and once again reach the symbolic bar of 100 dollars, a level not reached since 2014? ask some media.
The Organization of Petroleum Exporting Countries and some of their allies, including Russia (OPEC+), decided on Tuesday, January 4, 2020, to maintain its production increase of 400,000 additional barrels per day in a market that is shrinking concerned about the repercussions of the epidemic and its new variant, Omicron, on global demand, several media report.
“’OPEC+’ based its decision on predictions that the Omicron variant […] will only have a short-term impact on demand“global in 2022, indicates the pan-Arab daily Asharq Al-Awsat.
The decision to increase production was also catalyzed by the strong fluctuations in world prices for black gold on the world market in 2021 – + 50% last year, the largest increase since 2016 – and by the pressure thus exerted by several consumer countries to curb this outbreak with inflationary effects.
“The United States urged the group to pump more crude to help the global economy recover from the pandemic and calm oil prices as they neared $80 a barrel,” indicated Asharq Al-Awsat.
“Oil-consuming nations – led by the US and including China, India and Japan – have publicly berated OPEC+ […] adds on its side Gulf Business, especially since soaring energy prices have led to “pressures