OPEC, allies keep current output plan for January

The Organization of the Petroleum Exporting Countries, OPEC, and other oil-producing nations a.k.a OPEC + have decided to maintain their current output plan for January 2022.

The Saudi Arabia-led oil-producing bloc and its allies, including Russia, made the decision at a ministerial meeting on Thursday.

They reconfirmed their decision to raise output by 400,000 barrels a day in January.

Market analysts had speculated that the ministers would put the plan on hold as the Omicron coronavirus variant has been clouding prospects for crude oil demand.