Olesya Astakhova, Alex Lawler, Ahmad Ghaddar
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OPEC+ leaning towards oil cut extension, despite rally: sources

OPEC+ leaning towards oil cut extension, despite rally: sources

By , , MOSCOW/LONDON (Reuters) - OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said.OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.Russia is likely to agree on a rollover of current output for the first quarter...

November 25, 2020
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