OPEC+ to Hold Informal Online Talks Ahead of Next Week's Meetings

Vladimir Soldatkin
Friday, November 27, 2020

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.

OPEC+ is debating whether to ease oil output cuts from Jan.1, 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 Nov. 30 and Dec. 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% 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.

 (Reporting by Vladimir Soldatkin; Editing by Kirsten Donovan)

Categories: Production

Related Stories

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Starts Production at Major Oil Field in Bohai Sea

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Current News

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com