OPEC likely to stick to existing policy at Jan 4 meeting – report

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 cited by Reuters said.

The scheduled plan is for OPEC+ to hike by 400k bpd each month. There was talk of delaying that last month but OPEC is likely to remain optimistic about omicron, especially with Brent at $79.

There’s been no reaction in the oil market to this report, which suggests it’s already priced in. WTI is up another 45-cents to $77.03 today.

oil chart

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