Deputy Prime Minister Alexander Novak stated that Russia sees no need for immediate action on the oil market in response to the new Omicron coronavirus variant, downplaying the idea of changes to a global oil deal.

This week, the Organization of Petroleum Exporting Countries and others led by Russia, known as OPEC+, will convene online to decide on oil output policy. OPEC+ was monitoring developments connected to Omicron on Friday, according to sources, with some expressing concern that it could damage the oil market outlook.

"We need to keep a close eye on everything. There's no need to make hasty decisions" Novak said. "Despite this, we will also review the market situation with the OPEC+ countries to see if any steps are necessary.”

OPEC+ has resisted calls from the US to do more to cut oil prices, instead continuing to unwind last year's record-high output curbs by adding 400,000 barrels of supply per day each month since August. The output for January will be discussed in this week's meeting.

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OPEC+ has resisted calls from the US to do more to cut oil prices, instead continuing to unwind last year's record-high output curbs by adding 400,000 barrels of supply per day each month since August. The output for January will be discussed in this week's meeting.

Novak stated that OPEC+ partners have not requested a renegotiation of their current deal in response to Omicron.

Oil prices increased on Monday as investors sought bargains following Friday's fall and speculation that OPEC+ may halt an output increase in response to the emergence of a new virus variant.

Prices increased by over 4%, regaining some ground after falling by more than 10% in the previous trading session.

OPEC+ sources claimed that prior to Friday, the group had not discussed pausing its planned output increase in January. On Thursday, Iraq said that OPEC+ should stick to its plan.