OPEC and its allies agreed to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout

OPEC and its allies are likely to stick to existing policy on raising output despite considering other options, sources said, after big swings in crude prices, a U.S. release from oil reserves and fears about the new coronavirus variant

Oil prices tumbled more than 3% after Moderna’s CEO cast doubt on the efficacy of Covid-19 vaccines against the Omicron coronavirus variant, spooking financial markets

OPEC is moving two technical meetings to later this week in order to give committees more time to evaluate the impact of the new Omicron coronavirus variant

Oil fell with global equities markets on fears the variant, which Britain said scientists considered the most significant found to date, could restrict travel and dampen economic growth and fuel demand

The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December, the White House said

Barclays raised its 2022 oil price forecasts as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year

The world’s biggest economies said they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices

OPEC is seeing signs of an oil supply surplus building from next month so its members and allies will have to be “very, very cautious” when they review output policy at regular monthly meetings, the group’s secretary-general said

An oil market rally may ease off as prices that hit a three-year high last month help push up global production, particularly in the United States, the International Energy Agency (IEA) said