According to four sources speaking with Reuters, OPEC+ is likely to stick to existing policy at the upcoming 4 January 2022 meeting, which means hiking output by 400,000 barrels per day (BPD) from the start of February. The sources cited an easing of concerns about the impact that the spread of the Omicron variant of Covid-19 will have on demand and the recent recovery in prices as increasing the cartel's confidence that further output hikes remain appropriate.  

Market Reaction

This is in line with market expectations and has thus not impacted crude oil price action.