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Russia says no need for OPEC+ to make hasty decisions over new COVID-19 variant

OPEC+ pushed back all meetings to December 2. No proposals to revise output strategy so far

Russia says no need for OPEC+ to make hasty decisions over new COVID-19 variant

Moscow, November 29 - Neftegaz.RU. OPEC+ will closely monitor the market situation amid rising fears over the emergence of a new COVID-19 variant, but urgent decisions by the group are not necessary, said Russia's deputy prime minister Alexander Novak, S&P Global Platts analysed.

The alliance is set to meet Dec. 2 to decide on January production levels amid a US -led attempt to lower prices by releasing stocks and fears over new lockdowns due to the new COVID-19 strain.
The rapidly spreading variant caused Dated Brent to plunge 11% on the day to $73.27/b on Nov. 26, according to S&P Global Platts assessment.

Novak told reporters on the sidelines of the Russian-Chinese energy business forum, as quoted by Prime news agency:
  • The emergence of a new variant always causes such market assessments, because various restrictive measures can be taken by the governments of different countries
  • We need to monitor how the situation develops, we must carefully monitor the market
  • There is no need to make hasty decisions
The alliance pushed back the meeting of the OPEC+ ministerial monitoring committee to Dec. 2 to study the market situation in detail, Novak said.
At the same time, Russia does not see any need for urgent action by the OPEC+ alliance in light of rising concerns about the pandemic and there are no proposals by other OPEC+ countries to revise strategy or increase output.
Novak said
  • We will additionally discuss the market situation and the need for measures with the OPEC + countries
  • The JMMC was rescheduled in order to work out everything in detail, to get more information about current events, including on a new variant of the virus
  • So far, the dynamics of global oil reserves studied weekly by the alliance "are still normal"
The JMMC will now be held December 2, followed by a meeting of OPEC ministers and then non-OPEC countries, including Russia, later in the day.

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