OPEC+ Decision Put in the Bottom
The CDC first designated Omicron as a Variant of Concern on December 1, but crude oil bottomed on December 2 when OPEC+ made its output decision.OPEC+ Decision Shifted Momentum to Upside, Not Easing of Omicron Fears
So what happened on December 2 to turn crude oil prices higher? OPEC+ agreed to go ahead with oil output increase. It didn’t cave into U.S. pressure to accelerate daily production, it stuck with its plans for a 400,000 barrel per day rise.
Fearing another supply glut, sources said the Organization of the Petroleum Exporting Countries, Russia and allies, known as OPEC+, considered a range of options in talks on December 2, including pausing their January hike of 400,000 barrels per day (bpd) or increasing output by less than the monthly plan, according to Reuters.
So what happened on December 2 to turn crude oil prices higher? OPEC+ agreed to go ahead with oil output increase. It didn’t cave into U.S. pressure to accelerate daily production, it stuck with its plans for a 400,000 barrel per day rise.
Fearing another supply glut, sources said the Organization of the Petroleum Exporting Countries, Russia and allies, known as OPEC+, considered a range of options in talks on December 2, including pausing their January hike of 400,000 barrels per day (bpd) or increasing output by less than the monthly plan, according to Reuters.
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