OPEC and its allies are on high alert this week when they meet to decide whether to stick with their planned oil output increase or hold off until more is known about the Omicron variant of the coronavirus.The Organization of the Petroleum Exporting Countries will meet with its allies led by Russia, a grouping known as OPEC+, on Thursday. They’ll discuss how to assess the potential impact of the Omicron variant on crude demand, as well as moves by the United States and other countries to tap their strategic oil reserves to cool blistering prices. The current plan is to add to global markets 400,000 barrels of crude per day.“OPEC+ is dealing with some bearish unknowns as they try to process what’s going on with the Omicron variant,” said Louise Dickson, senior analyst at Rystad Energy.
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