OPEC and its allies agreed to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout. The decision forced benchmark Brent prices to fall more than $1 after the deal was reported, before recovering some ground to trade around $70 a barrel. It is now well below October’s three-year highs above $86 but still more than 30% up from the start of 2021.
OPEC+ Trudges Ahead
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