• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 4, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

OPEC+ likely to tread cautiously, assessing new Omicron variant- Vitol’s Muller

November 28, 2021
Stephen M.Cby Stephen M.C
in Around the Globe
0
Omicron

Mike Muller, Vitol's head of Asia

Mike Muller, Head of Vitol Asia has said an OPEC+ meeting set for December 2, 2021 is likely to tread cautiously considering the emergence of the new South African COVID-19 variant which adds more strains to demand growth and a possible oil surplus.

Speaking at a Gulf Intelligence webinar, Muller said the Joint Ministerial Monitoring Committee will meet ahead of the OPEC+ meeting for early next month to discuss preliminary information about the new variant Omicron, according to sources close to S&P Global Platts.

“I’m not sure they are going to react with an about turn quite as quickly as this unless more information [about the new variant] comes to light. Will they err on the side of caution also? I think they might and that seems to be the consensus out there. They seem a lot more concerned about demand, about economic shocks… about economic growth in China and about stats from India.”

Mike Muller, Vitol

Following fears about possible new lockdowns due to the new variant, triggered an oil price crash. Based on S&P Global Platts assessment, Dated Brent sold at $73.27/b, the lowest in two months, after details of an omicron variant of the COVID virus emerged.

RelatedPosts

Global Drought Crisis Unfolds With Devastating Impact

Funding Cuts Cripple UN Refugee Operations Globally

WHO Calls for Global Rollout of Twice-Yearly HIV Shot

The meeting comes at a time when a US-led coordinated release of Strategic Petroleum Reserves has been triggered with the intention to tame high prices at US gas stations. This has been on account of US President Joe Biden blaming OPEC for the high oil and gas prices.

However, instead of depressing prices rather ratcheted them up higher, but the renewed COVID-19 concerns have now brought about President Biden’s objective.

China Refuses to Release Strategic Stocks

Regardless of the repeated talks, China has vehemently pushed back against President Biden’s calls to “do more” and stated it would coordinate its own releases of strategic stocks according to its needs, cooling down the enthusiasm of market bears.

“I think in a world without Omicron, we were looking at an ever-tightening supply picture where the world needed OPEC to put extra volume into the market.

“If they don’t and this turns out to be a false alarm, a false scare… and this virus doesn’t turn out to be of concern to energy demand, then the market needs ongoing supply.

“Global inventories are below pre-pandemic levels and investment hasn’t been as such in the global upstream, including shale, the fastest to respond sector, to allow a response if global demand were to see a resurgence early next year.”

Mike Muller, Head of Vitol Asia

Meanwhile, Iran’s Oil Minister, Khojasteh-Mehr is calling for $90 billion of investment in the oil sector, while $70 billion is also needed to develop gas fields.

He indicated during a conference that there exists different investment packages, while expecting that a big share of contribution for foreign investment.

“In this regard, we welcome foreign investment, but if it is not materialized, we have other options and scenarios and we will not waste our time,” he said.

Khojasteh-Mehr stated that the National Iranian Oil Company (NIOC) is also planning to boost the oil and gas industry’s export capacity to reach 1.5 times more than the pre-sanction levels over the next 10 years.

READ ALSO: Cool heads must prevail- Dr Casiel Ato Forson to Majority Caucus

Tags: gasoilOmicron VariantOPEC+Vitol
Please login to join discussion
Previous Post

BoG Signs MoU with Bank of Mauritius

Next Post

Policy Rate Increment May Help Curtail Inflation But Lending Rates May Go Up – Prof. Quartey

[mc4wp_form id="1264"]

Related Posts

Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

August 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

August 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

August 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

August 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

August 4, 2025
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
Vaultz Business

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

August 4, 2025
Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

by Evans Junior OwuAugust 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

by Lawrence AnkutseAugust 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

by Comfort AmpomaaAugust 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

by Lawrence AnkutseAugust 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

by Esther Korantemaa OffeiAugust 4, 2025
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
Vaultz Business

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

by Stephen M.CAugust 4, 2025
Bernard Bediako Baidoo
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
A Painful Reminder Of Unresolved Hostage Situation
UK Ties Palestine Recognition To Ceasefire Conditions
Olamide Reveals Music Executive Easier Path
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
[/vc_row_inner]

Recent News

  • Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election
  • Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
  • If It’s Good Enough To Share Abroad, It Must Start at Home
  • UK Ties Palestine Recognition To Ceasefire Conditions
  • Olamide Reveals Music Executive Easier Path
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.