OPEC, Russia Agree to Keep Boosting Oil Output, Jolting Prices

OPEC and a group of Russia-led oil producers agreed to continue pumping more crude, sticking to their long-term plan despite new worries over demand raised by the Omicron coronavirus variant.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia—which together call themselves OPEC+—said they would raise their collective production by another 400,000 barrels a day in January. The group agreed earlier this year to boost output in such increments each month until production reaches pre-pandemic levels.