OPEC+ agrees oil output hike from February as omicron Covid cases soar


A worker in an oil field developed by Almetyevneft, an oil and gas production board (NGDU) of Tatneft.

Yegor Aleyev | TASS | Getty Images

An influential group of some of the world’s largest oil producers agreed on Tuesday to stick to its planned increase in oil production from February as energy investors weigh the potential impact of soaring omicron Covid cases.

OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. The move had been broadly expected given U.S. pressure to boost supply and no major new Covid restrictions.

Led by OPEC kingpin Saudi Arabia and non-OPEC leader Russia, the energy alliance is in…


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