Africa Business Radio

OPEC and the oil cartel’s allies will hold a key output meeting on Thursday facing new challenges as the Omicron coronavirus variant has roiled markets and other US-led nations decided to tap their strategic reserves. Peter McNally, an analyst at the Third Bridge think tank says the meeting is shaping up to be one of the most significant since the pandemic demand recovery began, and the key signal will be how much more oil will be added to supply to start the new year. Carsten Fritsch of Commerzbank says there is much to suggest that OPEC+ will not initially step up its oil production any further” in an effort to maintain current prices at around $70 a barrel.