Algerian minister says OPEC+ compliance with production cuts 117% in December

OPEC+ compliance with oil production cuts stood at 117% in December, Algerian energy minister Mohamed Arkab said on Tuesday, indicating that the group continues to produce under its agreed targets.

Arkab also said that the risk of the Omicron variant "appears less" than previous mutations of the coronavirus but "the speed of its spread poses a great danger to the functioning of economies, and thus to the demand for oil".