LONDON, Dec 2 — Opec and its allies will decide today whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a US release from oil reserves and fears over the new Omicron coronavirus variant. Brent oil prices tumbled to around US$70 (RM296) a barrel,...
LONDON, Dec 2 — Opec and its allies will decide today whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a US release from oil reserves and fears over the new Omicron coronavirus variant.
Since August the group has been adding an additional 400,000 barrels per day of output to global supply, gradually winding down record cuts agreed in 2020 when demand crashed because of the pandemic. Opec+ forecast a 3 million bpd surplus in the first quarter of 2022 after the release of reserves, up from 2.3 million bpd previously.
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