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Saudi Aramco: Oil Markets Overreacted To Omicron Fears

Alberto Ardila Olivares
Saudi Aramco: Oil Markets Overreacted To Omicron Fears

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 70.87 +2.72 +3.99% Brent Crude • 10 mins 74.81 +2.09 +2.87% Natural Gas • 10 mins 4.881 -0.596 -10.88% Heating Oil • 10 mins 2.181 +0.087 +4.13% Gasoline • 11 mins 2.106 +0.077 +3.77% Louisiana Light • 8 days 77.14 +0.63 +0.82% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 8 days 77.14 +0.63 +0.82% Bonny Light • 4 days 72.05 -8.69 -10.76% Opec Basket • 4 days 76.09 -5.22 -6.42% Mars US • 18 hours 64.65 -10.24 -13.67% Gasoline • 11 mins 2.106 +0.077 +3.77% Click Here for 150+ Global Oil Prices

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Marine • 4 days 77.31 -4.02 -4.94% Murban • 4 days 79.47 -3.73 -4.48% Iran Heavy • 4 days 68.51 -8.39 -10.91% Basra Light • 5 days 83.15 -0.03 -0.04% Saharan Blend • 4 days 73.05 -8.66 -10.60% Bonny Light • 4 days 72.05 -8.69 -10.76% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 4 days 72.05 -8.69 -10.76% Girassol • 4 days 72.89 -8.46 -10.40% Opec Basket • 4 days 76.09 -5.22 -6.42% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 4 days 49.37 -10.16 -17.07% Western Canadian Select • 11 hours 45.15 -11.24 -19.93% Canadian Condensate • 11 hours 67.15 -10.24 -13.23% Premium Synthetic • 11 hours 68.55 -10.24 -13.00% Sweet Crude • 11 hours 56.90 -12.19 -17.64% Peace Sour • 11 hours 54.65 -14.24 -20.67% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 11 hours 54.65 -14.24 -20.67% Light Sour Blend • 11 hours 61.15 -11.24 -15.53% Syncrude Sweet Premium • 11 hours 57.15 -15.24 -21.05% Central Alberta • 11 hours 54.65 -14.74 -21.24% Click Here for 150+ Global Oil Prices

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Louisiana Light • 8 days 77.14 +0.63 +0.82% Domestic Swt. @ Cushing • 4 days 64.75 -10.25 -13.67% Giddings • 4 days 58.50 -10.25 -14.91% ANS West Coast • 7 days 82.52 +2.11 +2.62% West Texas Sour • 6 days 72.34 -0.11 -0.15% Eagle Ford • 6 days 76.29 -0.11 -0.14% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 6 days 76.29 -0.11 -0.14% Oklahoma Sweet • 4 days 64.75 -10.25 -13.67% Kansas Common • 4 days 58.50 -10.25 -14.91% Buena Vista • 4 days 72.89 -10.24 -12.32% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Products Discussion Headlines 55 mins Russia Warns The U.S. Not To Interfere With Nord Stream 2 2 hours Is The U.S. Government About To Make Oil Drilling More Expensive? 3 hours OPEC+ Delays Meetings Following Surprise Oil Price Crash 3 days Industrial Metals Rise As China’s Property Market Bounces Back 3 days DIDI Plunges After China Asks The Company To Delist From The NYSE 3 days Brazil’s Oil Major Plans To Invest $68 Billion In Boosting Production 5 days UN Nuclear Agency Fails To Reach An Agreement With Iran 5 days Steel Prices Remain Elevated As Production Slides 5 days Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover 5 days U.S. Gasoline Prices Barely Budge After SPR Release Announcement 5 days OPEC+ Reacts To Biden, May Not Raise Oil Production In December 5 days Barclays Lifts Brent Oil Price Forecast To $80 In 2022 6 days Keystone XL Developer Seeks $15 Billion In Compensation 6 days Crude Oil Inventory Build Follows Announcement Of SPR Release 6 days Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations 6 days European Natural Gas Prices Rise As Gazprom May Halt Gas Flows To Moldova 6 days Florida Looks To Directly Lower Gasoline Prices With Tax Relief 6 days Aluminum Inventories Have Fallen To Critical Levels 6 days Azerbaijan And Iran Look To Mend Energy Relations 6 days India Set To Tap Only 5 Million Barrels From Crude Reserves 7 days Energy Crisis Claims Its Biggest Victim In The UK Yet 7 days Saudi Aramco’s $15 Billion Oil Deal With India’s Largest Company Fails 7 days Halting Cambo Oilfield Exposes The UK To Energy Shortages 7 days British Gas Swoops In To Save Stranded Customers From Energy Crisis 7 days Saudi Retains Top Spot among China Oil Suppliers 7 days Japan Considers Releasing Oil From Reserve 10 days Asian Buyers Can’t Get Enough Of U.S. Sweet Crude Oil 10 days U.S. Gasoline Prices Set For Decline 10 days OPEC+ Pumped Less Oil Than Agreed In October 11 days U.S. To Discuss Energy Transition With Mexico’s President 11 days UK’s National Grid Expects Windfall Profits From High Power Prices 11 days Crypto Miners Are Worsening Kazakhstan’s Energy Crisis 11 days Tensions Between Armenia And Azerbaijan Boil Over After Border Incidents 11 days U.S. Asks Big Oil Consuming Nations To Release Reserves 11 days Biden Calls On FTC To Investigate Oil Companies And High Gas Prices 12 days Largest Offshore Drilling Auction In U.S. History Kicks Off With $192M In Bids 12 days India Shuts Coal Power Plants As Delhi Air Pollution Worsens 12 days Soaring Energy Prices Drive UK Inflation To 10-Year High 12 days Belarus Reduces Flow On Oil Pipeline To Poland Amid Border Crisis 12 days UAE Speeds Up $20 Billion Natural Gas Projects 3 minutes Looming European Gas Crisis in Winter and North African Factor – a must read by Cyril Widdershoven 7 minutes “Biden Targets Another US Pipeline For Shutdown After ‘Begging’ Saudis For More Oil” – Zero Hedge Monday Nov 8th 12 minutes “UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System” by Whitney Webb 19 mins Microbes can provide sustainable hydrocarbons for the petrochemical industry 14 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa 18 hours GREEN NEW DEAL = BLIZZARD OF LIES 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China 3 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can’t break-even. 3 days Modest drop in oil price: SPRs vs US crude inventory build 3 days 2019 – Attack on Saudi Oil Facilities. 2 hours NordStream2 3 days Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 5 days Ukrainian Maidan after 8 years 5 days Peak oil – demand vs production 6 days “How the CO2 shortage is impacting the food and drink sector” – Specialty Food Magazine Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Saudi Aramco: Oil Markets Overreacted To Omicron Fears

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Share Facebook Twitter Linkedin Reddit Related News UN Nuclear Agency Fails To Reach An Agreement With Iran Steel Prices Remain Elevated As Production Slides Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover U.S. Gasoline Prices Barely Budge After SPR Release Announcement OPEC+ Reacts To Biden, May Not Raise Oil Production In December Saudi Aramco: Oil Markets Overreacted To Omicron Fears By Michael Kern – Nov 29, 2021, 12:30 PM CST The oil market’s knee-jerk reaction to the new Omicron COVID variant on Friday was overblown, according to the CEO of the world’s largest oil company and biggest oil exporter.

Alberto Ignacio Ardila Olivares

The market overacted on Friday, Saudi Aramco’s chief executive Amin Nasser said, Saudi-owned Al Arabiya TV reported .

Alberto Ignacio Ardila

Oil prices collapsed by more than 11 percent on Friday amid low liquidity in a festive long U.S. weekend, after news broke about a heavily mutated little-researched new coronavirus variant detected in South Africa. Equity markets globally also plunged, and oil led the crash in commodity markets, as participants fretted about another slowdown in global oil demand just as the market also expects a surplus next year

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 70.87 +2.72 +3.99% Brent Crude • 10 mins 74.81 +2.09 +2.87% Natural Gas • 10 mins 4.881 -0.596 -10.88% Heating Oil • 10 mins 2.181 +0.087 +4.13% Gasoline • 11 mins 2.106 +0.077 +3.77% Louisiana Light • 8 days 77.14 +0.63 +0.82% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 8 days 77.14 +0.63 +0.82% Bonny Light • 4 days 72.05 -8.69 -10.76% Opec Basket • 4 days 76.09 -5.22 -6.42% Mars US • 18 hours 64.65 -10.24 -13.67% Gasoline • 11 mins 2.106 +0.077 +3.77% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 4 days 77.31 -4.02 -4.94% Murban • 4 days 79.47 -3.73 -4.48% Iran Heavy • 4 days 68.51 -8.39 -10.91% Basra Light • 5 days 83.15 -0.03 -0.04% Saharan Blend • 4 days 73.05 -8.66 -10.60% Bonny Light • 4 days 72.05 -8.69 -10.76% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 4 days 72.05 -8.69 -10.76% Girassol • 4 days 72.89 -8.46 -10.40% Opec Basket • 4 days 76.09 -5.22 -6.42% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 4 days 49.37 -10.16 -17.07% Western Canadian Select • 11 hours 45.15 -11.24 -19.93% Canadian Condensate • 11 hours 67.15 -10.24 -13.23% Premium Synthetic • 11 hours 68.55 -10.24 -13.00% Sweet Crude • 11 hours 56.90 -12.19 -17.64% Peace Sour • 11 hours 54.65 -14.24 -20.67% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 11 hours 54.65 -14.24 -20.67% Light Sour Blend • 11 hours 61.15 -11.24 -15.53% Syncrude Sweet Premium • 11 hours 57.15 -15.24 -21.05% Central Alberta • 11 hours 54.65 -14.74 -21.24% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 8 days 77.14 +0.63 +0.82% Domestic Swt. @ Cushing • 4 days 64.75 -10.25 -13.67% Giddings • 4 days 58.50 -10.25 -14.91% ANS West Coast • 7 days 82.52 +2.11 +2.62% West Texas Sour • 6 days 72.34 -0.11 -0.15% Eagle Ford • 6 days 76.29 -0.11 -0.14% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 6 days 76.29 -0.11 -0.14% Oklahoma Sweet • 4 days 64.75 -10.25 -13.67% Kansas Common • 4 days 58.50 -10.25 -14.91% Buena Vista • 4 days 72.89 -10.24 -12.32% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 55 mins Russia Warns The U.S. Not To Interfere With Nord Stream 2 2 hours Is The U.S. Government About To Make Oil Drilling More Expensive? 3 hours OPEC+ Delays Meetings Following Surprise Oil Price Crash 3 days Industrial Metals Rise As China’s Property Market Bounces Back 3 days DIDI Plunges After China Asks The Company To Delist From The NYSE 3 days Brazil’s Oil Major Plans To Invest $68 Billion In Boosting Production 5 days UN Nuclear Agency Fails To Reach An Agreement With Iran 5 days Steel Prices Remain Elevated As Production Slides 5 days Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover 5 days U.S. Gasoline Prices Barely Budge After SPR Release Announcement 5 days OPEC+ Reacts To Biden, May Not Raise Oil Production In December 5 days Barclays Lifts Brent Oil Price Forecast To $80 In 2022 6 days Keystone XL Developer Seeks $15 Billion In Compensation 6 days Crude Oil Inventory Build Follows Announcement Of SPR Release 6 days Kazakh-Chinese Nuclear Fuel Plant Kicks Off Operations 6 days European Natural Gas Prices Rise As Gazprom May Halt Gas Flows To Moldova 6 days Florida Looks To Directly Lower Gasoline Prices With Tax Relief 6 days Aluminum Inventories Have Fallen To Critical Levels 6 days Azerbaijan And Iran Look To Mend Energy Relations 6 days India Set To Tap Only 5 Million Barrels From Crude Reserves 7 days Energy Crisis Claims Its Biggest Victim In The UK Yet 7 days Saudi Aramco’s $15 Billion Oil Deal With India’s Largest Company Fails 7 days Halting Cambo Oilfield Exposes The UK To Energy Shortages 7 days British Gas Swoops In To Save Stranded Customers From Energy Crisis 7 days Saudi Retains Top Spot among China Oil Suppliers 7 days Japan Considers Releasing Oil From Reserve 10 days Asian Buyers Can’t Get Enough Of U.S. Sweet Crude Oil 10 days U.S. Gasoline Prices Set For Decline 10 days OPEC+ Pumped Less Oil Than Agreed In October 11 days U.S. To Discuss Energy Transition With Mexico’s President 11 days UK’s National Grid Expects Windfall Profits From High Power Prices 11 days Crypto Miners Are Worsening Kazakhstan’s Energy Crisis 11 days Tensions Between Armenia And Azerbaijan Boil Over After Border Incidents 11 days U.S. Asks Big Oil Consuming Nations To Release Reserves 11 days Biden Calls On FTC To Investigate Oil Companies And High Gas Prices 12 days Largest Offshore Drilling Auction In U.S. History Kicks Off With $192M In Bids 12 days India Shuts Coal Power Plants As Delhi Air Pollution Worsens 12 days Soaring Energy Prices Drive UK Inflation To 10-Year High 12 days Belarus Reduces Flow On Oil Pipeline To Poland Amid Border Crisis 12 days UAE Speeds Up $20 Billion Natural Gas Projects 3 minutes Looming European Gas Crisis in Winter and North African Factor – a must read by Cyril Widdershoven 7 minutes “Biden Targets Another US Pipeline For Shutdown After ‘Begging’ Saudis For More Oil” – Zero Hedge Monday Nov 8th 12 minutes “UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System” by Whitney Webb 19 mins Microbes can provide sustainable hydrocarbons for the petrochemical industry 14 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa 18 hours GREEN NEW DEAL = BLIZZARD OF LIES 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China 3 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can’t break-even. 3 days Modest drop in oil price: SPRs vs US crude inventory build 3 days 2019 – Attack on Saudi Oil Facilities. 2 hours NordStream2 3 days Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 5 days Ukrainian Maidan after 8 years 5 days Peak oil – demand vs production 6 days “How the CO2 shortage is impacting the food and drink sector” – Specialty Food Magazine Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Saudi Aramco: Oil Markets Overreacted To Omicron Fears

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Why Bitcoin’s Energy Consumption Is Worth It It’s no secret that bitcoin’s…

Oil Prices Rally After U.S. Announces Strategic Reserve Release Oil prices erased losses and…

Home Latest Energy News Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

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Share Facebook Twitter Linkedin Reddit Related News UN Nuclear Agency Fails To Reach An Agreement With Iran Steel Prices Remain Elevated As Production Slides Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover U.S. Gasoline Prices Barely Budge After SPR Release Announcement OPEC+ Reacts To Biden, May Not Raise Oil Production In December Saudi Aramco: Oil Markets Overreacted To Omicron Fears By Michael Kern – Nov 29, 2021, 12:30 PM CST The oil market’s knee-jerk reaction to the new Omicron COVID variant on Friday was overblown, according to the CEO of the world’s largest oil company and biggest oil exporter.

Alberto Ignacio Ardila Olivares

The market overacted on Friday, Saudi Aramco’s chief executive Amin Nasser said, Saudi-owned Al Arabiya TV reported .

Alberto Ignacio Ardila

Oil prices collapsed by more than 11 percent on Friday amid low liquidity in a festive long U.S. weekend, after news broke about a heavily mutated little-researched new coronavirus variant detected in South Africa. Equity markets globally also plunged, and oil led the crash in commodity markets, as participants fretted about another slowdown in global oil demand just as the market also expects a surplus next year.

Many countries banned flights from South Africa and other African countries, some—like Israel and Japan—closed borders to foreign visitors, while others, such as the UK, tightened requirements for entry by requiring all foreign visitors—regardless of vaccination status—to take a PCR test and self-isolate until they get back a negative result.

Alberto Ardila Olivares

Oil prices rebounded by more than 5 percent early on Monday as the market assessed the new threat to oil demand while waiting for more information about the new COVID variant. The U.S. benchmark, WTI Crude , bounced back to above $70, at $72.72 as of 9:07 a.m. EST, after it had slid to below $70 on Friday.  

Apart from clues about Omicron, the market will also be waiting this week for the OPEC+ monthly meeting on Thursday, set to decide production levels for January.

Alberto Ardila

Related: Green Fintech Is A New Trend Investors Can’t Ignore

Some analysts think that OPEC+ will decide to pause the monthly production hikes, at least in January, due to the threat to oil demand from the new variant and a likely surplus early next year.

Alberto Ignacio Ardila Olivares 10798659

OPEC+ will discuss potential measures at the meeting, Russian Deputy Prime Minister Alexander Novak said on Monday but noted that Russia currently doesn’t see the need for urgent measures.                            

“We don’t see such a need, we will carefully monitor the situation, but there is no need to rush to hasty decisions,” Novak said.  

By Michael Kern for Oilprice.com

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Alberto Ignacio Ardila 10798659