Major oil producers are due to meet today to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil, according to AFP.

The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices. The emergence of the new variant has further complicated the equation, leading to countries reinstating travel bans and mulling further restrictions that could tighten demand and hurt oil prices.

Analysts predict the alliance will decide to stop modestly increasing output by 400,000 barrels per day every month as they had planned and as they have been doing since May.