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

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

China, the world’s top crude importer, is one of the few countries to have boosted purchases in 2020, as buyers made the most of low prices earlier this year, while fuel demand recovered from the second quarter along with the broader economy

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

A worsening global oil demand outlook will prompt OPEC to reverse a planned easing of oil cuts in 2021 with Saudi Arabia offering deeper cuts below its current quota, J.P. Morgan said in a research note

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

OPEC and allies, led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook

State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end