$AGYP Investors Business Daily Article goes into detail into how the new Omicron Variant could impact the price of Oil and an OPEC report on how it could affect the price in a positive way! >>
Oil Prices, Omicron Central To OPEC+ Meeting OPEC+'s 400,000 bpd increase was largely expected on Wall Street as the market continues to assess the impact of the omicron Covid-19 variant.
The new variant, which scientists say is more contagious than other variants, has led to some shutdowns in Europe. But it is unlikely to have a big impact on the oil market, according to a technical OPEC+ report released over the weekend.
"The impact (omicron will have) ... is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges," the Joint Technical Committee (JTC) report said, according to Reuters.
OPEC increased its Q1 oil demand forecast last month by 1.1 million bpd to 99.13 million bpd, in its December monthly market report. For the full year, it sees global demand averaging 100.79 million bpd. That's up from an estimated 99.63 million bpd in 2021.
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