Officials from the Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil producers agreed Tuesday to continue their program of gradual monthly output increases in February, but there are growing doubts about whether they can deliver on the additional barrels. The decision was conveyed in a terse news release from OPEC.
A persistent failure to step up production by the amounts agreed on in July is helping to keep oil prices relatively high even though a surge in coronavirus cases from the omicron variant threatens to dampen economic activity and oil demand.
The slow ramp up in production also could lead to tension with the Biden administration, which wants the…
