The next phase of the output policy will be decided by OPEC+ and non-OPEC oil producer, a powerful group called OPEC+.

To decide whether the alliance should continue to put more oil on the market, or restrain its supply, video conference will be held. fears over the omicron Covid-19 variant.

The table also includes a number of other topics. U.S.-led release of strategic reservesThese are the countries that import crude oil Iran’s possible re-entry into oil markets.

Analysts in Energy broadly expectOPEC+ will continue to implement its plan to increase monthly production by 400,000 barrels daily. However, there have been some questions about whether the group could be tempted after periods of increased volatility to evaluate the market.

Alex Booth from Kpler’s research department stated that OPEC+ is likely to continue their momentum by releasing more oil. He spoke on CNBC’s “SquawkBox Europe” Thursday.

“Let’s remember, we’re talking extra oil in Jan, and December’s decision has basically been already made.”

Oil prices were slightly lower before the meeting. This wiped out gains from earlier in session.

International benchmark BrentOil futures fell 0.2% to $68.71, trading around 12.50 London Time. U.S. West Texas IntermediateFutures closed at $65.41, 0.1% more.

Brent crude oil futures are down more than $10 from last Thursday, when they were at their lowest point emergence of the omicron Covid variantIt became well-known. According to the World Health Organization, it could take several weeks for scientists and clinicians to fully understand the effects of this variant on diagnostics, therapies, or vaccines.

OPEC+ reached an agreement with the World Bank to contribute 400,000 barrels per monthly to world supplies. It is slowly reversing last year’s record-breaking supply cuts of approximately 10 million barrels/day.

OPEC kingpin Saudi Arabia has indicatedWhile the group appears likely to continue its output policy, Russia, a non-OPEC member leader, said this week that no urgent action was required on the market for oil.

The decision was prompted by OPEC+ repeatedly ignoredU.S. pressuring to raise crude oil supply in an effort to stop rising fuel prices

Booth, Kpler, stated that OPEC+’s decision to increase oil output in the next month will help curry favour with India and China. It also “certainly doesn’t hurt the relationship with USA.”

The energy alliance is under pressure to keep production up. As we all know, the UAE wants to keep maximizing the returns on their investments. [and]Booth indicated that Russia was keen to continue producing additional oil.

Rohan Reddy of Global X was a research analyst and said that the best outcome from Thursday’s meeting would be a decision on sustaining output policy.

He stated that “I believe the delta variant was an excellent playbook for how we can see things turn out here.” So, it is possible that prices will remain in the same range as WTI at $65 or lower if you consider omicron spreads and Covid-19 spreads.

Reddy stated, “But, I think this is the most likely outcome. This seems to be undercontrol.” The effectiveness of vaccination programs is being demonstrated, which could lead to prices moving towards $75 [to]In the $80 to $80 range [the first quarter]. The real economic recovery is likely to follow.