Oil prices rally on OPEC’s flexible stance on supply

World Oil | Dec 3, 2021 at 1:00 AM
  • Oil jumped after the OPEC+ alliance left the door open to reversing its decision to boost output.
  • OPEC+ agreed to add 400,000 barrels a day of crude to global markets in January, but it essentially put a floor under prices by giving itself the option to change the plan at short notice.
  • It’s an unusual step that underscores the difficulty in assessing the supply-demand balance over the short term due to the omicron variant and the U.S.-led release of national crude reserves.