Highlights Alliance sees improved outlook for oil market Next OPEC+ meeting scheduled for Feb. 2 Shrinking capacity could make actual increase smaller OPEC and its Russia-led partners have approved another hike in production quotas, betting that the market can absorb more oil in the coming months despite surging COVID-19 infections worldwide. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In affirming a 400,000 b/d output increase for February on Jan. 4, the OPEC+ alliance signaled continued confidence that the omicron variant will have a smaller impact on global oil demand than previously assumed, and indeed, crude prices have so far proved resilient, hovering around $80/b. Many economic indicators have remained positive, while global oil inventories have continued to decline as demand has outpaced supply over the past several months. But even before the rapid spread of omicron cases, many forecasters – including OPEC’s own analysts, […]