The impact of the omicron strain on oil demand is not yet fully understood, but it will not cause a shock drop in demand, reported TASS that Lukoil vice-president Leonid Fedun told reporters.

In general, it is not yet clear how the emergence of a new omicron strain will affect oil demand, he said. "But it is already clear that there will be no such shock as it was initially," he said.

"In our budget [for 2022], we proceed from $50 per barrel,” he said in response to a related question.

On November 26, the World Health Organization (WHO) designated the strain of coronavirus B.1.1.529, found in southern Africa, with the Greek letter omicron.

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