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 delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices

Brent crude oil futures’ spreads in 2021 have narrowed significantly as demand from Asia has been strong and markets remained hopeful that OPEC and its allies could extend their output cuts

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

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

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 OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said