VIENNA - The OPEC+ oil alliance decided on Thursday to go ahead with its planned increase in oil output by 400,000 barrels per day in January, which is the same supply policy previously announced. In a statement, OPEC and non-OPEC producers indicated that immediate adjustments would be made if necessary, as the meeting remains on hold due to the potential threat that the new mutated coronavirus variant Omicron may pose to global economic activity. OPEC+ extended the compensation period until the end of June 2022, and requested that underperforming countries to submit their plans by December 17, 2021. OPEC decided to hold the 24th OPEC and non-OPEC Ministerial Meeting on January 4, 2022. Russia and Saudi Arabia, the two largest producers in OPEC+, said before this week's meetings that there was no need for a knee-jerk reaction to adjust policy. Oil prices rose again by more than 1 percent, after falling by more than 2 percent after the decision was taken, as the Brent crude futures rose 1.42 percent, to $69.89 a barrel, after falling 0.5 percent in the previous session. The White House welcomed the OPEC+ decision to increase oil production. It is noteworthy that the decision comes a week after the United States and other countries such as China and Japan agreed to release oil reserves to combat rising gas prices.
