No need for hasty oil market decisions over Omicron, Russia's Novak says - Reuters

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

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MOSCOW, Nov 29 (Reuters) - Russia sees no need for urgent action on the oil market over the new Omicron coronavirus variant, Deputy Prime Minister Alexander Novak was quoted as saying on Monday, downplaying the possibility of changes to an OPEC+ oil supply deal this week.

The Organization of the Petroleum Exporting Countries and others led by Russia, a group known as OPEC+, hold online meetings this week to decide on oil production policy.

Sources said on Friday OPEC+ was monitoring developments related to Omicron, with some concerned it might weaken demand. read more

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"We have to meticulously monitor and watch. There is no need for hasty decisions," Novak is quoted as saying by Interfax news agency. His comments were confirmed by his spokesperson.

"Despite all this, we will additionally discuss with the OPEC+ countries the market situation and if any measures are warranted," Novak said, according to the spokesperson.

"In order to work it through in detail, the JMMC was moved to get more information about the current events, including on the new strain of the virus," Novak said, referring to the OPEC+ monitoring panel known as the JMMC.

The JMMC online meeting, which was scheduled for Nov. 30, will now be held on Dec. 2, the same day as the main OPEC+ ministerial meeting.

OPEC+ has resisted U.S. calls to pump more oil to reduce oil prices, continuing its gradual unwinding of last year's record high output curbs by adding 400,000 barrels of supply per day each month since August.

This week's meeting will discuss January's output.

Novak said OPEC+ partners had not asked to renegotiate their current deal in response to Omicron, news agencies reported.

Oil prices rose on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of the new variant. read more

Before Friday, OPEC+ sources said the group had not discussed pausing their planned output hike in January. Iraq said on Thursday that OPEC+ should stick to its plan.

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Reporting by Vladimir Soldatkin and Maxim Rodionov; writing by Alexander Marrow and Vladimir Soldatkin; Editing by Jason Neely and Edmund Blaifrr

Our Standards: The Thomson Reuters Trust Principles.

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No need for hasty oil market decisions over Omicron, Russia's Novak says - Reuters
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