Opec to pump more oil but keeps door open for cuts owing to Omicron
The Opec cartel and its allies have agreed to pump more barrels oil from January, but left the door open to putting the brakes on should the Omicron variant lead to further restrictions on travel and trade.
The global price of crude fell briefly to $66, its lowest level since mid-August, after ministers from some the world’s biggest oil producing countries agreed to go ahead with a plan to increase production by 400,000 barrels a day in the new year.
However, prices swung back up after the Opec+ agreed the meeting would not formally close. The unusual move was so the cartel could “continue to monitor the market closely”, pending any new developments, and make “immediate adjustments” rather than wait for the next meeting on 4 January.
Thedecisi
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