OPEC+ maintains modest monthly increases in oil output

Asia's Tech News Daily

Gasoline prices are displayed at a station in Huntingdon Valley, Pa., Wednesday, Nov. 17, 2021. OPEC and allied oil-producing countries meet Thursday, Dec. 2, 2021, under the shadow of a surprise new COVID-19 threat, with uncertainty over the omicron
Image Icon
The Associated PressGasoline prices are displayed at a station in Huntingdon Valley, Pa., Wednesday, Nov. 17, 2021. OPEC and allied oil-producing countries meet Thursday, Dec. 2, 2021, under the shadow of a surprise new COVID-19 threat, with uncertainty over the omicron variant’s future impact on the global economic recovery hanging over their decision on how much oil to pump to a world that is paying more for gasoline. (AP Photo/Matt Rourke)

WASHINGTON — OPEC and allied oil-producing countries have decided to maintain the amount of oil they pump to the world even as the new omicron variant casts a spikey shadow of uncertainty over the global economic recovery from the coronavirus pandemic.

Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, voted Thursday to stick with a pre-omicron pattern of steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gasoline prices rise.

Before omicron’s appearance, the meeting had been shaping up as a potentially fraught moment in a growing dispute between oil-supplying nations and oil-consuming ones, as the economy rebounds from the worst of the pandemic and demand for oil surged.

With rising gas prices putting him under political pressure, President Joe Biden last week responded to OPEC’s refusal to increase supplies more quickly by announcing the U.S. and other nations would release tens of millions of barrels of oil from their strategic reserves, boosting supplies and lowering prices.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

WASHINGTON (AP) — OPEC and allied oil-producing countries meet Thursday under the spikey shadow of a new COVID-19 threat, with uncertainty over the omicron variant’s impact on the global economic recovery hanging over their decision on how much oil to pump to a world paying more for gasoline.

Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, will meet online and decide whether to stick with pre-omicron plans for steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gas prices rise — or to scale back those planned upticks.

The fast-mutating variant led countries to impose barriers to travel when it emerged late last week. Americans had been celebrating what seemed to be a nearly normal Thanksgiving after some pandemic restrictions eased.

The price of a barrel of U.S. benchmark crude fell with news of omicron. It was about $78 a barrel a week ago and was trading at nearly $67 a barrel Thursday. International benchmark Brent crude followed a similar path, falling from $79 a barrel a week ago to $70 Thursday.

Saudi Energy Minister Abdulaziz bin Salman earlier this week played down any impact the little-understood variant would have on oil demand, telling the kingdom’s Asharq al-Awsat newspaper: “We are not worried.”

But OPEC ministers briefly postponed one of their meetings this week, hoping for more insight into whether the variant is likely to push the world back toward pandemic lockdowns or leave markets relatively unscathed.

Some analysts predicted that the OPEC+ alliance — made up of OPEC members and allied non-members like Russia — would act cautiously Thursday, cutting the amounts of their planned releases only slightly, if at all, pending more clarity from medical experts on the new variant.

“OPEC+ is ready to wait for more data on the efficacy of current vaccines before making any significant changes to its output strategy,” said Louise Dickson, senior oil markets analyst for Rystad Energy.

Before omicron’s appearance, Thursday’s meeting had been shaping up as a potentially fraught moment in a growing dispute between oil-supplying nations and oil-consuming ones, as the global economy rebounds from the worst of the pandemic downturn and demand for oil surged.

Angering the U.S. and its allies, OPEC+ has stuck to a plan to open the petroleum taps bit by bit — even as oil prices surged to seven-year highs — until deep production cuts made during the depths of the pandemic are restored.

With rising gas prices putting him under political pressure at home, President Joe Biden last week responded to OPEC’s refusal to increase supplies more quickly by announcing the U.S. and other nations would release tens of millions of barrels of oil from their strategic reserves, boosting supplies and lowering prices.

Omicron’s emergence has unsettled those dynamics.

White House press secretary Jen Psaki told reporters Wednesday that she knew of no plans to slow releases from strategic reserves, despite the advent of the variant.

Biden sent senior energy adviser Amos Hochstein to the United Arab Emirates and Saudi Arabia this week to soothe relations, address energy prices and talk about working together in transitioning to cleaner energy. Hochstein met with the Saudi energy minister Tuesday.

“We continue to convey that we are hopeful they will release supply to meet the demand out there on the marketplace,” Psaki said.

———

Bussewitz reported from New York. Associated Press writer Charles Sheehan contributed from New York.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Lena Dunham Opens Up About a Potential Girls Reboot — and Reveals Why 'It's Not Time Yet'

© Provided by People ANGELA WEISS/AFP/Getty Lena Dunham Don’t expect Lena Dunham to revisit Girls anytime soon. As part of The Hollywood Reporter‘s latest cover story, Dunham opened up about ... Read more »

Enjoy 40% off select winter gear from Carhartt: Shirts, denim, more

NY Post Composite Carhartt: the durable brand that you can always count on. Whether you spend a lot of time outdoors, work in construction or just enjoy wearing casual, comfy, ... Read more »

TSA Screens More Than 10 Million Passengers Over Thanksgiving Holiday Weekend

© David Paul Morris/Getty Images Specifically, on Sunday, More than 2.45 million passengers passed through U.S. airports. © Provided by Travel + Leisure David Paul Morris/Getty Images More than 2.45 ... Read more »

Lisa Snowdon shocks followers with very rude Instagram caption as she poses in low-cut bikini

LISA Snowdon left fans open-mouthed with a very cheeky Instagram caption as she posed in low-cut bikini. The 49-year-old model looked sensational in a tie-dye shirt as she enjoyed a ... Read more »

Multiple Capitol riot defendants got permission to leave house arrest to celebrate Thanksgiving

© AP Photo A scene from the Capitol riot. AP Photo Three Capitol riot defendants were allowed to spend Thanksgiving out of home detention, per reports. The men, who are ... Read more »

Should Americans Cancel Holiday Travel Plans Due to Omicron? What the Health Experts Say

© Provided by Travel + Leisure DANIEL SLIM/AFP via Getty Images The Christmas holiday is just days away and yet things seem more uncertain than ever when it comes to ... Read more »

Emirates' Black Friday Sale Has Flights From the U.S. for As Low As $599

© Courtesy of The Emirates Group The airline’s Black Friday sale has arrived a few days early. © Provided by Travel + Leisure Courtesy of The Emirates Group If you’re ... Read more »

Jamaica's 4-man bobsled team makes Olympics for 1st time in over 20 years

You might want to reacquaint yourself with bobsled chants, because for the first time in 24 years Jamaica’s four-person bobsled team has qualified for a spot on the Olympic roster. ... Read more »

NYC subway station death of Michelle Go leaves Asian Americans reeling

The death of Michelle Go, who was fatally shoved in front of a New York subway car on Saturday, has left the Asian American community feeling a sense of tragic ... Read more »

'Schitt's Creek' Star Emily Hampshire Loves Small Towns in Real Life, Too — Here's One of Her Favorites

© Provided by Travel + Leisure ROBYN BECK/AFP via Getty Images Emily Hampshire definitely knows her way around a hotel. After all, the actress played the sarcastic cynic, Stevie Budd, ... Read more »

Why massive new youth sports facilities may not lead to the tourist boom many communities hope for when they build them

© AP Photo/Michael Conroy Grand Park, a multi-use sporting facility in Westfield, Ind., was built to lure youth sports competitions and tourists to the region. The Research Brief is a ... Read more »

BBC licence fee: Why should poor single mums be threatened with prison for not helping to fund Radio Three? – John McLellan

The public benefit becomes confused with the vested interests of those within the organisation in which the producers, not the consumers, come first. © It’s time to change the way ... Read more »

Tristan Thompson admitted to having an affair while dating Khloe Kardashian. Here's a timeline of their relationship.

© Jamie McCarthy/Getty Images / Ron Schwane/AP Khloe Kardashian and Tristan Thompson share a daughter together. Jamie McCarthy/Getty Images / Ron Schwane/AP Khloe Kardashian and Tristan Thompson have been in ... Read more »

Gold Smashes Past $1,830 Wall in Inflation-Fueled Rally

© Reuters Gold Smashes Past $1,830 Wall in Inflation-Fueled Rally By Barani Krishnan Investing.com – Gold’s doubters might be having second thoughts. On Wednesday, the yellow metal smashed past the ... Read more »

Clear and Uber Team up to Make Getting to the Airport Easier

© Matthew Horwood/Getty Images There’s nothing festive about airport lines. © Provided by Travel + Leisure Matthew Horwood/Getty Images Getting to the airport just got easier thanks to a new ... Read more »

Nets testing the market for Nicolas Claxton?

© Provided by HoopsHype Brian Windhorst: There’s been some chatter through a couple of teams that I talked to that the Nets have dipped their toe into the trade market ... Read more »

The man accused of driving his SUV through a Wisconsin Christmas parade charged with 5 counts of first-degree intentional homicide

© Provided by INSIDER A red SUV speeds past attendees moments before plowing into a crowd at a Christmas parade in Waukesha, Wisconsin, US, in this still image taken from ... Read more »

8 tips and tricks for finding a great travel deal

MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from card issuers. Editor’s note: This story ... Read more »

Ottawa and First Nations in P.E.I. sign agreement to establish national park reserve

LENNOX ISLAND, P.E.I. — Parks Canada has signed a provisional agreement with two First Nations to establish a new national park reserve on a pristine chain of islands along the ... Read more »

Trudeau says he's concerned about low vaccination rate among children

Prime Minister Justin Trudeau today welcomed Health Canada’s approval of an antiviral treatment that could keep high-risk COVID-19 patients out of hospital — while also warning that the Pfizer therapeutic ... Read more »

Confirmed: This Is the Best Day to Buy Airline Tickets for Pricing and Availability

© isayildiz/Getty Images Thinking about flying off somewhere in the new year? You’re not alone. The TSA screened nearly as many passengers for the 2021 Thanksgiving holiday period as they ... Read more »

Trudeau promises to support Ukraine as Canadian warship departs for Black Sea

HALIFAX — A Canadian warship departed for Europe and the Black Sea near Russia on Wednesday, as Prime Minister Justin Trudeau admitted to fears of a Russian invasion in Ukraine. ... Read more »

Hotels.Com Will Give You 25 Free Hotel Stays If You Can Listen to 24 Hours Straight of Christmas Music

Few conversations are more contentious than the annual holiday music debate: how early is too early and how much is too much? For those answering “never and the limit does ... Read more »

Microsoft Start - Editorial Standards

About Microsoft Start Microsoft Start publishes content from 1,200 premium publishers who represent 4,500 brands worldwide, to power MSN.com, the Edge Start Page, the Microsoft Start App and more to ... Read more »

Expect to Pay More for Hotels This Holiday Season — but Here's Where You Can Save

© Barry Winiker/Getty Images Data from Priceline shows trends prices, locations, and more for the 2021 holiday season. © Provided by Travel + Leisure Barry Winiker/Getty Images Travelers should expect ... Read more »

White House tells chip industry to be ready for potential Russia export curbs

© Reuters/Jonathan Ernst FILE PHOTO: U.S. President Biden holds a semiconductor chip By Alexandra Alper and Karen Freifeld WASHINGTON (Reuters) – The White House told the U.S. chip industry to ... Read more »

Can you heal in Rainbow Six Extraction?

© Provided by GamePur Fighting against the Archæan threat in Rainbow Six Extraction is no easy task. You and your teammates will need to watch out for each other, ensuring ... Read more »

Pokémon Legends: Arceus' Hisuian names for upcoming Pokémon have supposedly leaked online

© Provided by GamePur There have been multiple leaks for Pokémon Legends: Arceus churning out all morning as several leakers reveal what they’ve been able to learn about the upcoming ... Read more »

AMD hides blog post denouncing 4GB VRAM for gaming amid RX 6500 XT launch before re-uploading

© Provided by Dot Esports Originally spotted by KitGuru, AMD removed a 2020 blog post in which it slammed 4GB of VRAM in graphics cards as being “…evidently not enough ... Read more »

Pokémon Legends: Arceus adds multiple brand new moves, according to leaks

© Provided by GamePur The leaks for Pokémon Legends: Arceus continue to occur, with more details about the upcoming sandbox RPG. All morning, leakers have been sharing what many believe ... Read more »

FIFA 22 Team of the Year 12th Man Voting: When is it?

The full FIFA 22 Team of the Year has allegedly been leaked online, meaning that there are many notable names that apparently did not make the team according to the ... Read more »

Olympics-Irish luger Desmond to fulfil frozen dream in Beijing

By Philip O’Connor (Reuters) – Elsa Desmond is set to swap her hospital rounds for hurtling feet-first down the frozen track in Beijing after she was given a place in ... Read more »

I'm pregnant but love drinking cans of Monster – trolls slam me for it but it's my body and it doesn't make me a bad mum

A PREGNANT woman who is regularly slammed by trolls for her love of Monster has insisted her love of the energy drinks doesn't make her a bad mum. Shannon took ... Read more »

Mikey Madison And Sonia Ammar Reveal What It's Really Like To Work With The Original Scream Cast - Exclusive

Paramount Pictures “Scream” fans have waited since 2011 to watch the franchise’s legacy cast head back to Woodsboro for some bloody Ghostface fun. While almost all of the OG fan-favorites ... Read more »

Gordon Ramsay says his go-to hangover cure is exercise

© Courtesy of FOX The series features Gordon Ramsay and his cohosts eating and drinking their way through destinations. Courtesy of FOX Gordon Ramsay said his hangover cure of choice ... Read more »

5 Hawaii Hotel and Resort Deals that Will Make Every Traveler Say Mahalo

© Provided by Islands Koloa Landing Resort Word is this property has one of the best pools in the United States… only one way to find out. Koloa Landing Resort ... Read more »

Why Avelo Airlines Is a U.S. Low-Cost Carrier Worth Your Attention

© Getty Since the pandemic began, not one but two new U.S. airlines have launched: Avelo Airlines, which started service out of Burbank, California, in April 2021, and Breeze Airways, ... Read more »

This Hotel Beauty Brand Makes the Best Travel-friendly Skincare Sets — and They're 20% Off for Black Friday

© Courtesy of Lather They’re the perfect packable products. © Provided by Travel + Leisure Courtesy of Lather Nothing weighs down the perfectly-packed suitcase or travel bag more than an ... Read more »

Over 4,000 flights canceled ahead of Christmas due to a spike in Omicron COVID-19 infections

© Reuters Airlines have canceled dozens of flights initially scheduled to take off on Christmas Eve and Christmas Day, citing a spike in Omicron COVID-19 infections. Reuters Holiday travel has ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic