Citing three sources familiar with the matter, Reuters reported on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to increase the oil output by 400,000 barrels per day in February as planned.

The group known as OPEC+ will have a meeting on Tuesday, January 4, to decide on the oil supply strategy.

Market reaction

This headline doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $76.25, gaining 1.2% on a daily basis.