Oil producers mull output as Omicron rattles markets

The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

The 13 members of the Organization of the Petroleum Exporting Countries and their 10 allies are due to meet via video conference after technical discussions. "The arrival of the Omicron variant and the ensuing sell off obviously increases the odds that OPEC+ will opt to hit the pause button on the planned 400 kb/d monthly production increase when they meet on Thursday," said Helima Croft, a managing director at RBC Capital Markets.

The OPEC+ meeting comes a week after the United States and to a lesser extent China, India and Japan decided to dip into their strategic reserves to help bring down crude prices, after a price surge that has undermined economic recovery.

The insane fear porn over omicron is incredibly stupid.

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