OPEC+ likely to stick to existing policy at Jan. 4 meeting: Sources

OPEC+ likely to stick to existing policy at Jan. 4 meeting: Sources

OPEC and its allies will probably stick to their existing policy of modest monthly increases in oil output at a meeting next week, four sources said, as demand concerns raised by the Omicron coronavirus variant ease and oil prices recover.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is set to decide on Jan. 4 whether to proceed with a 400,000 barrels per day output hike for February, the latest in a steady unwinding of record cuts made last year.

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“At the moment, I have not heard of any moves to change course,” said an OPEC+ source. A Russian oil source and two other OPEC+ sources also said no changes to the deal were expected next week.

At its last meeting on Dec. 2, OPEC+ stuck to the plan for a 400,000 bpd rise in January, despite fears that a US release from crude reserves and Omicron would lead to an oil-price rout.

The benchmark oil price tumbled more than 10 percent on Nov. 26 towards $72 a barrel when reports of the new variant first appeared, but has since recovered to almost $80 and OPEC+ sources