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OPEC+ postpones talks amid disagreements

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OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.

Axar.az reports that OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.

The group had been due to ease existing production cuts by 2 million barrels per day (bpd) from January. But with demand still under pressure amid the coronavirus pandemic, OPEC+ has been considering extending existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021, a position backed by Saudi Arabia, sources said.

After consultations on Sunday failed to reach an agreement, sources said Russia suggested a possibility for OPEC+ to start increasing output by 0.5 million bpd each month from January.

Date
2020.12.01 / 21:12
Author
Axar.az
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