December 3, 2021

Top news
OPEC+ agrees to go ahead with planned January oil output hike

Dado Ruvic/Reuters

  OPEC+ agrees to go ahead with planned January oil output hike

Ahmad Ghaddar, Alex Lawler and Olesya Astakhova

OPEC and its allies agreed on Thursday 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.
Benchmark Brent crude fell 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 per cent up on the start of 2021.
The United States has repeatedly pushed OPEC+ to accelerate output hikes as U.S. gasoline prices soared and President Joe Biden’s approval ratings slid. Faced with rebuffals, Washington said last week it and other consumers would release reserves.
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Oil price update
Oil little changed as OPEC+ sticks to regular output increase

Mario Tama/Getty Images

  Oil little changed as OPEC+ sticks to regular output increase

Arathy Somasekhar

Oil prices were little changed, giving up most of their gains in volatile trading, as OPEC+ stuck to its policy of incrementally boosting output and the market considered the severity of the Omicron coronavirus variant.
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