Pressure mounts on oil cartel to reconsider supply plan
Melbourne/Singapore — Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant.
Oil plunged about 12% on Friday along with other markets on fears the heavily mutated Omicron would spark fresh lockdowns and dent global growth. With the demand outlook under a cloud, expectations are growing that oil cartel Opec will put on hold plans to add 400,000 barrels a day of supply in January.
Pressure was already growing within Opec, due to meet on December 2, to reconsider its supply plan after last week’s release of emergency crude reserves by the US and other major oil-consuming nations to address soaring prices.
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