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Omicron variant destabilizes the oil market

Despite the fall in recent days, the producers of Opec + are choosing to continue to loosen the floodgates.

Oil prices were feverish Thursday. The barrel of Brent dipped in the day from more than 71 to less than 66 dollars before rising to more than 70 dollars following the OPEC + announcement. He ultimately finished at $ 69.67. A roller coaster game that follows a drop of nearly 16% since the first alert on Omicron a week ago.

The growing threat of the new variant of Covid-19 led some observers to bet on a pause in the opening of the valves at oil exporters.

But the latter decided otherwise. The 23 countries gathered under the Opep + banner, by videoconference, decided on Thursday “to adjust upwards the overall monthly production of 400,000 barrels per day in January“. They are thus continuing without modification the movement initiated since May 2021.

The cartel led by Saudi Arabia and Russia had two main options on the table: to increase its supply in January or to keep it unchanged from December.

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