OPEC+ panel to hold informal online talks on Saturday

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a letter seen by Reuters showed and 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.

The letter from the OPEC, seen by Reuters, said Russian Deputy Prime Minister Alexander Novak will attend Saturday’s informal consultations of the Joint Ministerial Monitoring Committee’s heads.

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.