Russia considered that there is no need for urgent measures for “OPEC Plus” due to the emergence of a new strain of the Corona virus “Omicron”, but that the oil market must now be closely monitored.
In response to a question about whether he saw the need to take urgent measures by “OPEC Plus” due to the new strain of the Corona virus, Russian Deputy Prime Minister Alexander Novak told reporters today on the sidelines of the Russian-Chinese Energy Business Forum, “There is no need to take hasty decisions ... at the same time. Right now we need to watch and only watch.”
Novak pointed out that whenever a new strain of Corona appears, the market begins to evaluate it, and the governments of different countries can take different restrictive measures.
It is noteworthy that “OPEC Plus” is an agreement comprising 23 oil exporting countries, including 13 member states of the Organization of Petroleum Exporting Countries “OPEC.” This agreement was reached in November 2016 with the aim of reducing oil production to improve its prices in global markets.