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OPEC+ seen sticking to planned February output increase

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Reuters

LONDON (Reuters) – OPEC+ will likely stick to its planned increase in oil output for February when it meets on Tuesday as sources say the group expects only a short-lived impact on demand from the Omicron coronavirus variant. OPEC+, which groups producers from the Organization of the Petroleum Exporting Countries (OPEC) with others including Russia, has raised its output target each month since August by 400,000 barrels per day (bpd). It is unwinding record high production cuts of 10 million bpd that were put in place to help the market after the pandemic slashed demand. Current plans would se…

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