The Covid-19 vaccine confirms its positive impact on the oil market. The first vaccination campaigns are strengthening hopes among investors about a rebound in global demand, in particular that launched yesterday by the United States, the world's leading economic power and a major consumer of crude.

By Feriel Nourine
An operation whose replica was felt from the first day of the week with prices even stronger than at the close of the market on Friday. Yesterday, in the middle of the afternoon, a barrel of Brent from the North Sea for delivery in February was displayed at 50.53 dollars on the London market, up 1.12%. As for the American WTI for January, it was worth 47.12 dollars in New York, rising by 1.18%.
So, after having crossed the symbolic threshold of 50 dollars, at the end of last week, the European benchmark has more and more assets to stay there and even to go up more. The announcement of the vaccine by several laboratories around the world, then the start of vaccination augurs better days for black gold, and "investors are convinced that the vaccine will bring the situation back to normal and the demand for oil will accelerate, notes Naeem Aslam of Avatrade.
“There is no doubt that the deployment of the vaccine will have a positive effect on the demand for road fuel and, ultimately, aviation fuel,” said Stephen Innes of Axi, referring to the States. United States where nearly three million doses should be available between Monday and Wednesday, with the objective of vaccinating some 20 million Americans before the end of the year and 100 million before the end of March.
Showing its satisfaction with the anti-Covid-19 vaccine, the Organization of the Petroleum Exporting Countries (OPEC) and its partners around OPEC+ do not lower their guard and maintain vigilance and caution as master- words of their move to protect the market. Hence the new meeting of the alliance which will come on January 4 to take over from the one held at the beginning of December, resulting in the decision to gradually increase production.
The meeting for the start of the very next year was announced on Sunday by the Minister of Energy and President of the OPEC Conference, Abdelamadjid Attar, at the end of the closing session of the work of the 105th session. of the Council of Energy Ministers of the Organization of Arab Petroleum Exporting Countries (Opaep), held by videoconference.
“OPEC+ countries will review, at this meeting, the situation of the global oil market to make the decision to increase production if prices stabilize or exceed $50 a barrel,” Attar told Reuters. hurry. Adding that "it has been decided to hold a series of meetings each month, starting next February, to monitor the situation on the oil market and gradually achieve the application of an increase in production capped at 500,000 barrels , regardless of the price of oil on world markets.
As a reminder, OPEC+ had decided, after negotiations, to increase the oil production of its members by 500,000 barrels per day from next January instead of the 2 million barrels per day provided for in the agreement last April.
Regarding this new session of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (Opaep), it saw the Arab Ministers of Energy reviewing reports drawn up by the organization concerning the state of the world oil market and energy transformation in the world, in particular with regard to the development of renewable energies and their repercussions on oil-exporting countries and energy consumption.
"The world is going through a very important energy transition affecting the oil and gas industry", explained Mr. Attar, not without noting "the need to examine this transition, in order to take the necessary decisions in the future".
During this meeting, it was agreed to entrust the presidency of the organization for next year to Saudi Arabia, represented by its Minister of Energy, the Emir Abdelaziz Ben Salmane.
In his opening address, the Minister of Energy praised "the efforts made by the Arab oil-exporting countries within the framework of the OPEC+ agreement, through the full respect of the production reduction commitments to rebalance the oil market and bring down excess supply as much as possible". Opaep, whose headquarters are in Kuwait, was created in 1968 by Kuwait, Libya and Saudi Arabia. Algeria joined in 1970. The organization also includes the United Arab Emirates, Iraq, Bahrain, Egypt, Qatar and Syria in its component.