The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies (OPEC+) will discuss oil production policy on Tuesday with the aim of increasing supply against an increasingly worrisome backdrop of the spread of the omicron variant of covid-19.

Sources close to the process indicate that OPEC+ may consolidate the idea of increasing production and making available about 400,000 barrels of oil per day as early as next month, as it has done every month since August 2021.

Analysts consider the likelihood of OPEC+ backing off from the plan to be remote, considering, in this regard, the current price outlook, pressure from US President Joe Biden's administration to increase supply, and the absence of new major mobility constraints in the context of the covid-19 pandemic.

"Although omicron cases continue to rise in major geographies, the absence of widespread blocking restrictions will likely keep near-term demand concerns in check," the analysts said in a note.

The first meeting will be of the Joint Ministerial Monitoring Committee, followed by a ministerial meeting, both by videoconference.

Investors' anticipation about the decisions at today's meeting led to an early price decline early in the day. Brent crude futures lost 25 cents to $78.74 per barrel, while U.S. West Texas Intermediate crude oil futures declined 19 cents to $75.89 per barrel. Both benchmark contracts were up more than one percent on Monday.

For now OPEC+ has the greatest strength in managing world oil prices and supply to the market, according to Energy Aspects analyst Virendra Chauhan's perspective.

The source also said that concerns about fuel demand due to the spread of omicron are subsiding and expected crude oil availabilities from several national strategic oil reserves are lower than expected.

For now expectations are good, however the course may be different if the tension between the West and Russia over Ukraine flares up and hits fuel supplies, or if Iran's nuclear talks with the major powers make progress, which would lead to an end to oil sanctions against Iran.