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Illustration: Aïda Amer/Axios

The OPEC+ decision Tuesday to press ahead with another production boost next month signals confidence that spreading COVID-19 cases won't become a huge drag on demand.

Catch up fast: The coalition of OPEC, Russia and allied producers, as expected, stuck with plans to continue the monthly increases of 400,000 barrels per day.

The big picture: "The additional supply is a signal ... that there is continued cohesion within the producer group that oil demand will continue to grow despite the recent Omicron variant causing some restrictions," Third Bridge analyst Peter McNally said in a note.

Zoom in: Barclays' Amarpreet Singh said the demand effects of Omicron are below even the "mild" scenario, one of three they modeled.

  • "The mild scenario assumed that the high level of protection against severe outcomes would be largely preserved, which has been the case so far," Singh writes.
  • The note predicts a full-year demand hit of around 100,000-200,000 barrels per day, concentrated mostly in Q1.
  • In addition, prices are boosted by other forces tightening the market, with unplanned outages in Libya and disruptions and operational problems in Nigeria, he writes.

Go deeper ... Biggest recovery winner: energy prices

Go deeper

Inflation microcosm: Used-car price surge continues

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Axios Visuals

Consumer Price Index data released Wednesday showed used-vehicle prices continue to surge. As of December, they were up 37% compared to the previous year.

Why it matters: Analysts have been watching used-vehicle prices as a microcosm of the broader U.S. inflation story, encompassing both the disarray of global supply chains and the surge in demand for goods.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.

47 mins ago - Technology

Exclusive: YouTube shuts down two Oath Keepers channels

Stewart Rhodes, founder of Oath Keepers. (Photo: Aaron C. Davis/The Washington Post via Getty Images)

YouTube has deactivated two channels linked to the Oath Keepers militia group whose members have been charged in relation to the January 6 Capitol riot, the company told Axios.

The big picture: Social media platforms that were used to plan or promote the Capitol attack have moved with varying degrees of speed to bar the accounts involved.