OPEC Plus: Omicron’s impact on the oil market is limited

A report issued by the joint technical committee of the “OPEC Plus” group predicted that the Omicron mutator of the emerging corona virus will have a limited and temporary impact on the oil market, which rebounded sharply in the last months of last year, benefiting from hopes of economic recovery. .

In detail, the report states that the impact of the new mutation is expected to be mild and short-lived with improved global ability to deal with COVID-19 and the challenges associated with it.

price drop

Interestingly, on the last day of last year, oil prices fell, but have continued to reach their largest annual gains since at least 2016, spurred by the global economy recovery from the recession caused by Covid-19 and restrictions. adopted by manufacturers, even as HIV infections rise to levels standard in Worldwide.

And contracts for Brent crude oil for the year and West Texas crude oil peaked in 2021 in October, when Brent crude reached $ 86.70 a barrel, the highest level since 2018, while West Texas Intermediate crude. it recorded $ 85.41 a barrel, the highest level since 2014.

New world levels

Global crude oil prices are also expected to continue to rise over the next year as the demand for jet fuel increases.

While oil prices stopped rising last Friday after climbing for several consecutive days, impacted by the escalation of injuries from Covid-19 to new levels globally from Australia to the United States.