OPEC stuck to its forecast for robust growth in world oil demand in 2022 despite the Omicron coronavirus variant and expected interest rate hikes, predicting the oil market would remain well supported through the year

Oil prices rose with investors betting that global supply will remain tight, although restraint by major producers was partially offset by a rise in Libyan output

China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on Feb. 1 as part of a plan coordinated by the United States with other major consumers to reduce global prices

Assuming production at prevailing quotas, OPEC spare capacity will fall to 4% of total production capacity by fourth quarter 2022, from 13% in the third quarter 2021, the US investment bank said in a note

Oil prices hit two-month highs on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant

Oil rose to nearly $82 a barrel, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery

Oil prices edged up as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections

The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.80 million barrels per day (bpd) in December, the survey found, up 70,000 bpd from the previous month but short of the 253,000 bpd increase allowed under the supply deal

The world’s top oil exporter, Saudi Arabia, has cut the official selling price (OSP) for all grades of crude it is selling to Asia in February by at least $1 a barrel

OPEC+ agreed to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand