OPEC+ to hold informal online talks on Saturday: Source

The logo of the OPEC sits outside its headquarters. (File photo: Reuters)

OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a source with the knowledge of the matter said.

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OPEC+ is debating whether to ease oil output cuts from January1, as it previously agreed, or to continue producing at the same rate amid sluggish oil demand and fallout from the coronavirus pandemic.

Russian news agencies said that Deputy Prime Minister Alexander Novak will attend Saturday's meeting. Novak was energy minister until earlier this month, leading Moscow's efforts to forge close ties with the Organization of the Petroleum Exporting Countries and clinch the deal on output cuts.

OPEC+ will meet on November 30 and December 1 to decide output policy for next year.

The group was due to raise output by 2 million barrels per day in January - about 2 percent of global consumption - as part of a steady easing of record supply cuts implemented this year.

But with demand for fuel weakening because of a second wave of the pandemic, OPEC+ has been considering delaying the increase or even making further cuts.

Read more:

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Oil prices up on hopes for delay to OPEC+ supply increase, vaccine hopes

Saudi Arabia urges OPEC+ to be flexible as it weighs oil cut extension

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Last Update: Friday, 27 November 2020 KSA 12:11 - GMT 09:11
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