Mild and short-term impact of Omicron on oil markets

  • 14/12/2021


Kuwait : Crude oil  prices fell sharply in November, according to the Organization of Petroleum Exporting Countries (OPEC), amid increasing volatility following massive selling in futures and stock markets, the introduction of the new (Omicron) virus (Omicron), and the collapse of the new Corona virus.There are concerns regarding the power supply.

The OIC General Secretariat predicted that the impact of the new (OMICRON) mutation would be minor and short-lived in its monthly report, owing to the world's improved ability to manage the virus and the challenges it poses, as well as the stable economic outlook in both advanced and emerging economies.In November, the (OPEC) reference basket price fell by 1.74 dollars, or 2.1 percent, to 80.37 dollars a barrel, according to the report.

Global economic growth predictions for this year have been cut down to 5.5 percent from 5.6 percent in the previous month's report, while growth forecasts for next year have remained steady at 4.2 percent.

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