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COVID-19 - News digest as of 30.11.2021

November 30/2021

1. Vietnam plans to cut environment tax on jet fuel by 50% due to coronavirus pandemic

MOSCOW (MRC) -- Vietnam plans to further cut environment tax on jet fuel to help the airline industry, which is struggling from the impacts of the coronavirus pandemic, said Reuters citing finance ministry. The ministry is seeking government approval to lower the jet fuel tax by 50% for the whole of 2022, compared with the current 30% cut, which is due to expire at the end of this year. "It's necessary to continue cutting environment tax in 2022 to help local airlines weather the impact of the coronavirus pandemic," it said in a statement. "Jet fuel tax will be at 1,500 dong (USD0.0662) per liter after the cut."

2. South Korea fuel demand improves in October; but major refiners wary of potential new lockdowns

MOSCOW (MRC) -- South Korea's oil product demand in October rose 11.7% from a year earlier, driven by robust transportation fuel consumption amid rapidly easing COVID-19 restrictions, but major refiners raised concerns that new coronavirus variant could spur a new phase of lockdowns and curb consumer fuel demand recovery, reported S&P Global. The country consumed 78.19 million barrels, or an average of 2.52 million b/d, of refined oil products last month, compared with 69.97 million barrels a year earlier, data released by Korea National Oil Corp. showed Nov. 29. For the first 10 months of 2021, South Korea's oil product consumption rose 5.6% year on year to 770.89 million barrels, the KNOC data showed.

3. New COVID-19 variant rattles oil markets but impact unclear

MOSCOW (MRC) -- The Omicron coronavirus variant kicked oil prices lower late last week and has sapped refining margins, but with crude futures rallying on Monday, the impact could be limited, reported Reuters. Governments worldwide have imposed curbs on travelers to try limit the spread of Omicron, first detected in southern Africa, as scientists race to determine the level of risk. Oil prices plunged more than 10% on Friday - their largest daily drop since April 2020 - but recovered some of those losses on Monday, standing up nearly 5% on the day. Analysts said the Friday sell-off had been excessive.

4. Crude oil prices slump as new COVID-19 variant renews demand concerns

MOSCOW (MRC) -- Crude oil futures posted sharp losses in London trading Nov. 30 as the World Health Organization said the new omicron variant poses a high global risk, and a major pharmaceutical company said currently available COVID-19 vaccines are less effective against it, reported S&P Global. At 1200 GMT Nov. 30, ICE January Brent crude futures was down USD2.36/b from the previous settlement at USD71.08/b while the NYMEX January WTI futures contract was down USD1.91/b at USD68.04/b. Oil prices posted losses once again and almost completely eliminated the partial gains of the previous day, bringing current levels close to the Nov. 26 close. The main trigger for the more bearish sentiment was comments made by Moderna's chief regarding current vaccines' efficacy being limited against the omicron variant, adding that development and production of a more effective version could take months.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, petrochemistry, gas processing, Korea Petrochemical, COVID-19, Vietnam, USA.
Category:General News
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