Russian Deputy Prime Minister Alexander Novak said that Russia will stick to its obligations under the deal with the OPEC on oil output cuts

OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave

China’s crude oil throughput rose 2.6% in October from a year earlier to hit a record high as fuel demand firmed on strong holiday travel

Demand will rise by 6.25 million barrels per day (bpd) next year to 96.26 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 300,000 bpd less than expected a month ago

The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously

U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said

Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said

Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic

The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said

The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted