Oil rises as “OPEC” leaves the door ajar to adjust production

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Crude oil prices continued their gains on Friday, after the “OPEC” alliance left the door open to adjusting production before the end of this December, according to the developments of the “Omicron” virus.

By 6:53 (GMT), Brent crude contracts for February delivery rose $1.19, or 1.71 percent, to $70.86 a barrel.

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US West Texas Intermediate crude contracts for January delivery rose 1.25 cents, or 1.88%, to $67.75 a barrel.

On Thursday, crude prices closed more than one percent higher, but they are still about 15 percent lower than they closed last week.

And this is after it fell to its lowest level in nearly a year, squeezing Omicron’s concerns. The right to review its decision “according to the developments of the epidemic” by the next meeting scheduled for January 4th.

He surprised the energy ministers of the “OPEC” alliance, which includes 23 oil-producing countries from “OPEC” led by Saudi Arabia.

And from outside it, led by Russia, to continue increasing production by 400,000 barrels during January, contrary to expectations of freezing it.

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But the ministers said in a statement after a meeting on Thursday via video conference that the alliance may reconsider increasing production before the next meeting scheduled for January 4.

This is in light of developments regarding the “Omicron” virus and its potential impacts on the markets.

The coalition ministers said in the statement that they will remain in a permanent meeting to monitor the markets according to the developments of the new mutator.

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The decision of “OPEC” to maintain the increase in production was welcomed by the US administration, which put pressure on its producing allies to pump more crude into the markets.