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OPEC+ maintains modest monthly increases in oil output

The OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January at a meeting.

December 02, 2021 / 08:58 PM IST
Representative image | Source: Reuters

Representative image | Source: Reuters

OPEC and allied oil-producing countries have decided to maintain the amount of oil they pump to the world even as the new omicron variant casts a spikey shadow of uncertainty over the global economic recovery from the coronavirus pandemic.

Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, voted Thursday to stick with a pre-omicron pattern of steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gasoline prices rise. The OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January at a meeting.

ALSO READ: Oil rallies as OPEC meets, but supply glut looms

The fast-mutating variant led countries to impose barriers to travel when it emerged late last week. Americans had been celebrating what seemed to be a nearly normal Thanksgiving after some pandemic restrictions eased.