Omicron oil demand impact will be ‘mild and short-lived,’ OPEC says

Omicron oil demand impact will be ‘mild and short-lived,’ OPEC says
# 13 December 2021 17:03 (UTC +04:00)

The Omicron variant’s impact on global oil markets won’t be as seismic as initially feared, because governments and businesses are now better adapted to dealing with the coronavirus, the Organization of the Petroleum Exporting Countries said Monday, APA reports citing Wall Street Journal.

In its closely watched monthly report, OPEC left unchanged its global oil demand and supply forecasts for 2021 and 2022. However, the cartel said that some of the recovery in consumption that it had expected to take place in the final months of this year would shift into early 2022, due to the emergence of the highly-transmissible Omicron variant.

“The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage Covid-19 and its related challenges,” the Vienna-based group said, adding that rising vaccination rates were proving important in lessening the variant’s economic impact.

Oil prices sharply dropped late last month and early in December as the new variant emerged, with global benchmark Brent crude and U.S. crude ending November with their largest percentage declines since March 2020.

Crude prices have recovered somewhat in recent weeks, as investors and analysts increasingly think Omicron will have a shallower impact on global transport and oil demand than previous variants.

1 2 3 4 5 İDMAN XƏBƏR
#
#

THE OPERATION IS BEING PERFORMED