RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said.
The new variant, named Omicron, has rattled the oil market globally, pushing prices down to their biggest decline since April 2020.
There are signs that demand may be weakening in some markets going into the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, as reported by Bloomberg.
The new coronavirus variant will probably lead to more flight cancellations this week, he said.
Several countries have tightened travel restrictions against a number of…