OPEC Plays Down Impact of Omicron Strain On Global Oil Consumption

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……. says the world is better adapted to combating COVID-19.

By Chibisi Ohakah, Abuja

The Organisation of Petroleum Countries (OPEC) has said that the spread of the novel Omicron strain of the COVID-19 corona virus will not have a strong effect for the oil consumption rate.

A new variant of SARS-CoV-2, B.1.1.529, was reported to the World Health Organization (WHO) on November 24, 2021. Reports say this new variant was first detected in specimens collected on November 11, 2021 in Botswana and on November 14, 2021 in Africa.

WHO named the B.1.1.529 Omicron and classified it as a Variant of Concern (VOC). The United States later designated Omicron as a Variant of Concern. The first case of Omicron was confirmed in the on December 1, 2021.

The Center for Disease Control and Prevention (CDC) said it has been collaborating with global public health and industry partners to learn about Omicron, and continues to monitor its course.

also said it has been using genomic surveillance throughout the course of the pandemic to track variants of SARS-CoV-2, the virus that causes COVID-19, and inform public health practice.

OPEC in its December 2021 report said the impact of the novel Omicron strain is expected to be moderate and time-limited because the world is better adapted to combating COVID-19.

The report released yesterday in Moscow, said the economic prospects in developed and developing economies are stable, noting that global corona virus vaccination rates are high.

The Joint Committee (JTC) of OPEC+ attempted to assess the impact of the new strain on oil demand in early December but committee experts concluded that at least two weeks would be needed to fully assess Omicron strain danger.

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