Kuwaiti newspaper newspaper | Doubts about the effectiveness of vaccines...

             

The Kuwaiti barrel fell by $2.94 to $74.86

The price of a barrel of Kuwaiti oil decreased by $2.94, to reach $74.86 a barrel in trading on Monday, compared to $77.80 in trading last Friday, according to the announced price from the Kuwait Petroleum Corporation.

In global markets, oil prices fell by more than 3 percent yesterday morning, after the CEO of Moderna Pharmaceutical Company raised doubts about the effectiveness of vaccines against “Covid-19” in the face of the new mutation of the Corona virus (Omicron), which frightened dealers in the financial markets. And increased concerns about the demand for oil.

The company's president told the Financial Times that it is unlikely that the "Covid-19" vaccines will be as effective against Omicron as it is against the previous mutant, Delta.

Brent crude futures fell $2.32, or 3.2 percent, to $71.12 a barrel, its lowest since September 1.

The price of West Texas Intermediate crude futures fell $2.15, or 3.1 percent, to $67.80 a barrel, its lowest since August 26.

Prepared statements indicate that Federal Reserve Chairman Jerome Powell will tell Congress today that the new mutation could disrupt the economic recovery.

The oil price tumbled about 12 percent on Friday, with other markets falling, amid fears that the spread of the new mutation would trigger a new closing wave and limit global growth, which would hurt oil demand.

With the uncertainty surrounding oil demand, expectations are growing that the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will suspend its plans to add 400,000 barrels per day each month in January.

Pressure has already grown on "OPEC +", which will meet tomorrow, to reconsider its production plan, after the United States and other major consuming countries last week withdrew from emergency reserves to limit the rise in prices.

On the other hand, Japanese government data showed that Japan's imports of Kuwaiti crude oil jumped last October by 56.3 percent, compared to the same period last year, to reach 8.38 million barrels, equivalent to 270 thousand barrels per day.

Data issued by the Japanese Natural Resources and Energy Agency, in a preliminary report, stated that this increase is the largest since April last year, replacing Qatar as the third largest oil supplier to Japan, supplying it with 11.5 percent of its total crude oil imports.





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