Energy Investing - Novak comments on Omicron and OPEC+ - Energy Investing - InvestorVillage


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Msg  370858 of 385571  at  11/29/2021 9:40:11 AM  by

ffrvp97


Novak comments on Omicron and OPEC+

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"We need to look at how the situation develops, we need to monitor the market closely. There should be no hasty decisions," Novak said.

To give itself more time, the group has tweaked the schedule for this week's meetings. The original plan was for the Joint Technical Committee (JTC) to meet today, followed by the Joint Ministerial Monitoring Committee tomorrow, Opec ministers on 1 December and ministers from the wider Opec+ group on 2 December. The new format is for the JTC to meet on 1 December followed later that day by Opec ministers, and for the JMMC to meet on 2 December followed by the full Opec+ gathering the same day.

"We will have an additional discussion with Opec+ countries on the market situation and the need of [any] measures. As we want to work on it in detail, the JMMC meeting was moved [to a later date], so that we get more information about current events, including the new variant of the virus," Novak said.

If the group decides to stick with its 400,000 b/d monthly hike in January, another 100,000 b/d will be added to Russia's crude quota. Moscow is edging closer to its pre-pandemic production level but Novak insists that it will have no difficulty reaching a higher ceiling."

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"Russia's largest private-sector oil producer Lukoil said last week that it has restored its crude output by 90pc and will soon have used up all its spare capacity. Production growth beyond that will depend on the productivity of new wells that have been drilled this year, it said.

Meanwhile, state-controlled Rosneft and Gazpromneft are also close to the limit of what they can add. Rosneft brought all of its 182,500 b/d of spare capacity on line in the third quarter, it said earlier this month, while Gazpromneft now has almost no spare capacity and will have none by the end of 2021."

 


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