OPEC and Russia agree to increase oil output amid lagging production.

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from The New York Times,

Officials from OPEC, Russia and other oil producers agreed on Tuesday to continue their program of gradual monthly output increases in February, bolstering output by 400,000 barrels a day, but there are growing doubts about whether they can deliver on the additional barrels.

A persistent failure to step up production according to a schedule approved 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.

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