OPEC+ set to decide oil output policy amid growing fears over omicron Covid variant

OPEC+ set to decide oil output policy amid growing fears over omicron Covid variant

OPEC and non-OPEC oil producers, an influential group known as OPEC+, will meet on Thursday to decide on the next phase of output policy. The energy alliance will convene via videoconference to determine whether to stick with its plan to release more oil into the market or to restrain supply amid . Other issues on the table include a from crude-importing nations and . Energy analysts OPEC+ to push ahead with its current plan to hike monthly output by 400,000 barrels per day. However, some have questioned whether the group may be tempted to take a pause to assess the market following a period of heightened price volatility. "We think OPEC+ are likely to maintain that momentum in releasing additional oil," Alex Booth, head of research at Kpler, told CNBC's "Squawk Box Europe" on Thursday. "Let's not forget, we're talking about additional oil in January, the decision for December has basically already been made." Oil prices were slightly lower ahead of the meeting, wiping out gains earlier in the session. International benchmark crude futures traded at $68.71 at around 12:50 p.m. London time, down around 0.2%, while futures stood at $65.41, more than 0.1% higher. Brent crude futures have slumped