Anyone tuning in to the 2 December Opec+ meeting hoping for drama as the producer alliance assessed how to respond to the emerging Omicron Covid-19 variant will have been sorely disappointed. The much-anticipated monthly meeting passed smoothly and swiftly, with the group deciding to stick to the roadmap devised in July (MEES, 23 July).
Despite rampant speculation that Opec+ would pause the unwinding of production cuts amid the upheaval caused by the new variant, the grouping stood its ground. Production cuts are to be eased by another 400,000 b/d in January (see table). (CONTINUED - 736 WORDS)