A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus.


Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said they would collectively ramp up production by 400,000 b/d in February, continuing a targeted pace of monthly supply increases the cartel began in August.

OPEC-plus officials cited Omicron as a concern, given that it is spreading quickly throughout the globe. The United States, for example, reported a record 1.08 million new coronavirus infections on Monday.

Still, cartel policymakers also emphasized early...