OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves and fears over the new Omicron coronavirus variant. Prices last month registered their biggest monthly decline since the start of the COVID-19 pandemic as the Omicron variant raised fears of an oil glut. The OPEC+ group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and its allies has been at odds with U.S. requests for increased oil output to support the global economy.

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