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

OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market

U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the Energy Information Administration said

World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said

US oil stockpiles rose last week, intensifying worries about the demand outlook at a time when traders weigh up weather-related supply disruptions, which have shut-in production in the Gulf of Mexico

Saudi Arabia shipped 6.1 million barrels per day (bpd) of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, an industry source familiar with the matter said

Libya’s oil output has risen to 270,000 barrels per day (bpd) as the OPEC member ramps up exports following the easing of a blockade by eastern forces

Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with the OPEC+ group over increasing Iraq’s crude oil exports, state news agency INA stated

OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said, although producers should wait to see if there is a sustainable restart before reacting