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(OPEC): Oil prices rebounded in January due to "dispelling concerns" about the effects of (Omicron) and geopolitical risks

10-02-2022

The General Secretariat of the Organization of Petroleum Exporting Countries (OPEC) said today, Thursday, that crude oil prices rebounded last January compared to the previous month, supported by strong global oil market fundamentals and due to “dispelling concerns” about the impact of the new mutating Corona virus (Omicron) and geopolitical risks. This came in the periodic report of the (OPEC) General Secretariat for the month of last January, which revealed that the price of the (OPEC) reference basket rose by more than $11, or 14.8 percent, to reach $85.41 a barrel last January, which is the highest monthly value since September 2014. (OPEC) indicated that the performance of the global economy improved during the last quarter of last year, with better than expected growth levels, especially in the United States and China. The organization confirmed that the estimates of global economic growth for 2022 remain unchanged at a rate of 4.2 percent, but at the same time it warned of the continuing consequences of the (Corona emerging - Covid 19) pandemic, supply chain bottlenecks and sovereign debt levels in many countries, in addition to rising pressures. Inflationary and central bank responses also require "close monitoring". In its report, the General Secretariat expected that the (OPEC) production would rise this year to reach 28.9 million barrels per day, an increase of 5.3 million barrels compared to last year. And (OPEC) said earlier today that the price of its basket of crudes fell by 33 cents to reach $91.84 a barrel in trading on Wednesday, compared to $92.17 the previous day.