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An oversupply of oil in global markets at the start of next year will put additional pressure on crude oil prices.
The Organization of the Petroleum Exporting Countries and non-member allies such as Russia expect a surplus of 2 million barrels per day in January 2022, 3.4 million in February and 3.8 million in March, according to a document seen by the news agency.
The emergence of the Omicron coronaviruses variant shook the prices of global commodities. Oil analysts have warned that the plan to continue gradual production hikes may be put on hold. In July, the group agreed to raise output by 400,000 barrels a day.
The new variant's impact seems to be jet-fuel related, especially in Africa and Europe, according to the forecast. Europe might be affected by transportation fuel demand.
The meeting of the Organization of the Petroleum Exporting Countries will take place Thursday, while the meeting of the Organization of the Petroleum Exporting Countries will take place Wednesday. A decision will be made after the meeting.
Oil prices gave up gains as an attempt to rebound from an Omicron-sparked debacle failed. After surging more than 4% earlier in the day, West Texas Intermediate crude oil was up slightly to $66.39 per barrel, and the international benchmark added 0.6% to $69.63 per barrel. In November, oil prices dropped their most in a year.
Craig Erlam, senior market analyst at Oanda, said in a Wednesday note that oil remains extremely volatile ahead of tomorrow's meeting of the group. The meeting has come too soon. I'm not sure if there's enough to make an informed judgement.
The decision may be influenced by the coordinated release of strategic petroleum reserves by major oil-consuming nations in October.
Despite the recent slide, the price of oil could hit $150 per barrel in 2023, according to a report by JP Morgan. Christopher Wood said on Wednesday that oil prices could hit $150 if economies return to normal from the swine flu.
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