OPEC+ resumes talks on 2021 oil policy amid disagreements

OPEC+ resumes talks on 2021 oil policy amid disagreements
  • Clock-gray 07:48
  • calendar-gray 03 December 2020

 OPEC and Russia resume talks on Thursday in a bid to define policies for 2021 after an initial round of discussions this week failed to bring a compromise on how to tackle weak oil demand amid a second coronavirus wave, APA reports quoting Reuters.

The group of OPEC and allies, known as OPEC+, had been widely expected to roll over existing oil cuts of 7.7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

But after hopes for a speedy approval of anti-virus vaccines spurred an oil price rally at the end of November, several producers started questioning the need to tighten oil policy, advocated by OPEC leader Saudi Arabia.

OPEC+ sources have said Russia, Iraq, Nigeria and the United Arab Emirates have all to a certain extent expressed interest in supplying the market with more oil in 2021.

apa-logo-mini

Other news