Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit of the leading global oil producers

The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned

The Paris-based watchdog revised down its estimates for oil demand this year by 50,000 barrels per day (bpd) and for next year by 170,000 bpd, citing scarce jet fuel use as fewer people travel by air

OPEC and Russia have moved closer to a compromise over oil supply policy for 2021 after talks earlier this week failed to yield a decision on how to tackle weak oil demand

OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks

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

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

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 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

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits