Omicron Brings Uncertainties, OPEC+ To Monitor Situation - Novak

There is a lot of uncertainty around the new Omicron coronavirus variant but OPEC+ will be monitoring the situation for now, Russian Deputy Prime Minister Alexander Novak said on Thursday

MOSCOW (UrduPoint News / Sputnik - 02nd December, 2021) There is a lot of uncertainty around the new Omicron coronavirus variant but OPEC+ will be monitoring the situation for now, Russian Deputy Prime Minister Alexander Novak said on Thursday.

"There is a lot of uncertainty about its (Omicron) impact on demand and consumption of petroleum products. We see, for example, that mobile activity in Europe has slightly decreased as a result of measures taken by governments. It's the same in Africa," Novak told the Rossiya 24 broadcaster.

Novak added that the situation is vice versa in Latin America and Asia.

"Therefore, we must observe. We will, of course, together with other countries monitor the situation, how this will affect the mobility of the population," Novak added.

Novak also said that the OPEC+ decision to increase oil production by planned 400,000 barrels per day in January was made due to the fact that the alliance considers the market to be balanced, while demand is recovering.