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A report issued by the joint technical committee of the “OPEC Plus” group expected a limited and temporary impact of the Omicron mutator from the Corona virus on the oil market for the year 2022.

According to the Wall Street Journal, the report stated that oil prices fell on the last day of last year, but they succeeded in achieving their largest annual gains since 2016, driven by the recovery of the global economy from the recession caused by Covid-19 and restrictions adopted by producers, even with the increase in HIV infections. to record levels around the world.

And Brent crude contracts for the year and West Texas crude touched their highest levels in 2021 in October, when Brent crude recorded $ 86.70 a barrel, the highest level since 2018, while West Texas Intermediate crude recorded $ 85.41 a barrel, its highest level since 2014.

It is expected that global crude prices will continue to rise during 2022, with the increase in demand for jet fuel and transportation.

(Petra)