Russia and Saudi Arabia hint that they are not eager to adjust production policy before OPEC meeting

Foreign news on November 29, Russia and Saudi Arabia hinted on Monday that OPEC does not need to rush to adjust its oil production policy this week.
Because crude oil prices rebounded from last week's decline, the market is worried about the impact of the Omicron variant virus on the decline in demand
.


Oil prices rebounded on Monday, fell more than 10% last Friday, and recorded the biggest one-day drop since April 2020, as the new variant virus exacerbated concerns about oversupply
.


According to reports, Russian Deputy Prime Minister Novak said on Monday that he did not think it necessary to take urgent action on the oil market over the Omicron virus and downplayed the possibility of OPEC adjusting the supply agreement this week
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Saudi Energy Minister Abdul Aziz bin Salman said on Monday that he is not worried about the Omicron virus, but he declined to comment on the OPEC plan
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According to a report by Arab Satellite Television, Saudi Aramco CEO Amin Nasser said on Monday that the oil market has overreacted to the new variant virus
.


OPEC will hold a video conference this week to discuss oil production policy
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  OPEC's production cut is still 3.
8 million barrels per day, and some analysts have hinted that the agency may suspend the pace of production increases
.


  Interfax News Agency quoted Novak as saying: "There is no need to make a hasty decision
.
" His remarks were confirmed by the spokesperson
.


  The spokesperson said Novak said, "We will further discuss the market situation with OPEC countries and whether any measures are needed
.
"

  Before the oil price plummeted on Friday, OPEC had predicted that the United States and other major consumer countries decided to release oil.
After reserves are used to help stabilize prices, oversupply in the market will increase substantially
.


  After OPEC rejected the call of the United States to increase production to reduce oil prices, the United States decided to release its oil reserves
.


  The Saudi Energy Minister stated that OPEC has postponed the two committee meetings originally scheduled on Monday and Tuesday to later this week to "buy time to review matters related to the new variant virus,"

  he added, "according to the World Health Organization There is an exaggeration.
.
.
but I believe that the decision we made will at least allow us to buy time to better study this issue with limited knowledge.
"

  This week’s meeting will discuss next January production
.


  Novak said OPEC's partners did not ask to renegotiate their current agreement
.


  On Thursday, the OPEC Ministerial Supervisory Committee will meet at 20:00 Beijing time, and the OPEC meeting will be held at 21:00 Beijing time
.