OPEC+ talks likely to consider pausing oil output hike as an option, source says

OPEC+ ministers are likely to discuss pausing a planned oil output hike in January as one option during ministerial talks on Thursday, an OPEC+ source said, amid uncertainly about the impact of the pandemic on global crude demand.

“The Omicron COVID-19 variant and U.S. intervention in the oil market have created a vague situation,” the source told Reuters, referring to a U.S. plan to release oil from its reserves to reduce prices that hit three-year highs in October.

OPEC+ has an agreement in place to add 400,000 barrels per day (bpd) a month to global supplies as it gradually unwinds last year’s record supply cuts of about 10 million bpd, or 10% of global supplies, when demand had cratered.
Source: Reuters (Reporting by Alex Lawler; Editing by Edmund Blair)