According to OPEC+ sources cited by Reuters, the cartel is monitoring developments around the new, concerning Covid-19 variant and some members are expressing concern that it may worsen the outlook for oil markets. This comes ahead of next week’s OPEC+ policy meeting.
According to Reuters, an OPEC delegate said of the new variant that it was “not good as it adds bearishness to an already weak outlook”. Another delegate reportedly noted the steep drop in oil prices on Friday, but said it was not yet clear how significant an impact the variant would have. “I am very concerned,” Reuters quoted the delegate as saying. “There are many unknowns at the moment.”