OPEC, allies agree to pump more oil, shrugging off Omicron

The group agreed last year to boost output in such increments each month until production reaches its pre-pandemic levels, but reviews that policy every monthPremium
The group agreed last year to boost output in such increments each month until production reaches its pre-pandemic levels, but reviews that policy every month
 wsj 1 min read . Updated: 04 Jan 2022, 08:06 PM IST Summer Said, The Wall Street Journal

Group of producers see Omicron as having a less devastating effect than variants behind previous pandemic waves

OPEC and a group of Russia-led oil producers agreed to continue pumping more crude, according to people familiar with the decision, betting that a global surge in cases of the Omicron variant of Covid-19 won’t have the sort of devastating effect on demand as previous waves of the virus.

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The Organization of the Petroleum Exporting Countries and a group of non-OPEC producing countries led by Russia said Tuesday they would raise their collective production by another 400,000 barrels a day in February. The group agreed last year to boost output in such increments each month until production reaches its pre-pandemic levels, but reviews that policy every month.

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