The Strategist

OPEC+ postpones two meetings to better assess impact of new COVID-19 'omicron' strain

11/29/2021 - 10:14

After the oil price plunged on Friday, OPEC+ postponed two meetings for a few days to examine the impact of the new COVID-19 "omicron" strain on the market, Bloomberg said, citing sources.

spanaut via flickr
spanaut via flickr
"In the aftermath of last Friday's oil drop, OPEC+ is postponing two technical meetings to later dates in the week to allow its committees more time to examine the impact of the new coronavirus strain," the agency stated.

According to anonymous representatives from multiple OPEC+ member nations, the OPEC+ technical expert committee meeting, which was scheduled for Monday, will instead take place on Wednesday. The Joint Ministerial Monitoring Committee, on the other hand, is scheduled to convene on Thursday, not Tuesday, according to the agency.

Following an emergency meeting, the World Health Organization agreed to identify a new form of the coronavirus discovered in South Africa as a cause for worry. The WHO has given the new strain B.1.1.529 the Greek letter "omicron" as its name. Chairman of the World Medical Association Frank Ulrich Montgomery has voiced fear that the new "omicron" coronavirus strain might become as infectious as the "delta" strain and be akin to the Ebola virus.