OPEC+ To Increase Output In January

Major oil producers decided to keep raising output levels in January, despite the Omicron coronavirus variant raising fresh questions over demand. <br />The OPEC+ alliance led by Saudi Arabia and Russia had so far resisted US-led pressure to significantly boost output to rein in surging energy prices. <br />The 13 members of the Vienna-based Organization of Petroleum Exporting Countries and their 10 allies decided to stick with a modest increase in output of 400,000 barrels per day every month, as they have been doing since May. <br />Commodities economist Edward Gardner from Capital Economics says they suspect that the US-led coordinated release of oil reserves was one reason why OPEC+ decided to push ahead with their plan to raise oil output noting that the group might not want to provoke further action from the large oil consumers.