Risk of Omicron-related lockdowns increases oil price volatility

Thursday, 13 January 2022

Fitch Ratings warns of a “highly uncertain” situation in global oil and gas markets as the fast spread of the Omicron variant could result in renewed lockdowns, travel restrictions and higher price volatility. Though OPEC has been trying to stabilize markets, some members – notably Russia and the UAE – are keen to raise production to monetise their large reserves while production in the United States is forecast to keep recovering in 2022.

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