The day at a glance | January 3, 2022

The Top

*OPEC+ will have a meeting to discuss February`s crude oil production policies tomorrow.

*Democrats begin efforts to approve a reduced version of Biden`s social spending plan before intermediate elections in the U.S.

*December`s inflation in the Eurozone will be made public this week; the figure is expected to mark and end to the acceleration in prices.

*Omicron continues to spread quickly; a new record daily number of cases was logged and doubled the figure seen in previous waves.

Economic environment

OPEC+ will hold a meeting. Ministers of the member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will hold a meeting in order to discuss February`s production levels tomorrow. According to the organization`s most recent report, the Omicron variant`s impact on energy consumption is expected to be limited and short-lived, which is why it favors maintaining gradual increases in production. Forecasts expect production to increase in 400 thousand daily barrels in February. The OPEC+s new estimates expect global crude oil inventories in the first three quarters of 2022 to remain below the average logged in the 2015-2019 period; levels will only recover towards the end of the year, which allows the organization to maintain expectations of moderate and gradual increases in production. This morning, oil prices increased in light of oil production disruptions in Libya as one of the country`s main pipelines was damaged and needs reparations, which could lead the supply of energy to decrease in 200 thousand daily barrels.