Crude oil price follows the swings of OPEC announcements and Omicron fears

In Ecuador the price has been down in recent days, aligned at the international price of WTI crude.

The price of crude oil at the international level, and therefore, that of Ecuador, remains pressed by the fluctuations of the OPEC decisions and the news related to the new Covid-19 variant: omicron. Today, around 16:00, WTI oil (delivery: January 2022), which is the score of the oil of Ecuador, has operated at $ 64.84 a barrel, losing about $ 0.73, compared to $ 65.57 at the end of Wednesday in New York.

This Thursday,The oil began the rise day, but turned around after the United States government disseminated that the first case of the omicron variant in California was found,which scared the market.

Meanwhile, the organization of oil producersOpep Plus sought to send a message of tranquility, on Wednesday, to the turbulent markets by announcing that it will increase its pumping in January, as planned, in 400,000 barrels per month, until September, until Septemberwithout reacting to fears unleashed by the SARS-COV-2 omicron variant. "This is mainly due to the fact that we see a balanced market and that demand is gradually recovering," said Russian Vice Prime Minister Alexandr Novak, on the television networkRossía-24.

The theme of the price of international crude has also affected the price in Ecuador.Theoretical prices to November 22 of the Ecuadorian basket (Napo and East) were at $ 69.01 per barrel. Already by 29 he had dropped to $ 65.60, and on November 30 he placed at $ 63.49.

On the other hand, theOPEC considered that it is still early to evaluate the eventual impact of the new coronavirus strain on oil consumption,or the slight reduction in the mobility of people in Europe and Africa caused by restrictions to stop the current wave of infections. It is that in other regions, such as Latin America and Asia, "there is an increase" of transfers, "so we have to observe" the evolution, he stressed. Thus, the OPEC Plus has left an open door to change things at any time if it considers it necessary, through an unusual formulation in the final declaration of its meeting, where it affirms thatThis "remains in session" to continue closely monitoring the evolution of the Covid pandemic.