, Columnist
New Covid Variant Puts Pressure on OPEC Oil Producers
President Biden’s decision to release emergency stockpiles also adds to the pile of complications for the group.
Releasing reserves complicates OPEC+ decision.
Photographer: Luke SharrettThis article is for subscribers only.
The OPEC+ group of oil producers are meeting on Thursday and their job has just been made more difficult by President Joe Biden and a new coronavirus variant.
The group will gather virtually to decide their production plan for January. A pause to their 400,000 barrels-a-day monthly output increases was already in the cards. OPEC’s analysts see the oil market swinging from its current deficit to a huge surplus in the first quarter of next year. Saudi Energy Minister Abdulaziz Bin Salman has even said the switch will happen as soon as December.