Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

OPEC+ panel to hold informal online talks on Saturday

Commodities Nov 27, 2020 07:35AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna 2/2

By Vladimir Soldatkin and Rania El Gamal

MOSCOW/DUBAI (Reuters) - 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, a letter seen by Reuters showed and source with the knowledge of the matter said.

OPEC+ is debating whether to ease oil output cuts from Jan. 1, as it previously agreed, or to continue producing at the same rate amid sluggish oil demand and the fallout from the coronavirus pandemic.

The letter from the OPEC, seen by Reuters, said Russian Deputy Prime Minister Alexander Novak will attend Saturday's informal consultations of the Joint Ministerial Monitoring Committee's heads.

Novak was energy minister until earlier this month, leading Moscow's efforts to forge close ties with the Organization of the Petroleum Exporting Countries and clinch the deal on output cuts.

Saudi Arabia will be represented by its Energy Minister, Prince Abdulaziz bin Salman.

OPEC+ will meet on Nov. 30 and Dec. 1 to decide output policy for next year.

The group was due to raise output by 2 million barrels per day in January - about 2% of global consumption - as part of a steady easing of record supply cuts implemented this year.

But with demand for fuel weakening because of a second wave of the pandemic, OPEC+ has been considering delaying the increase or even making further cuts.

On Thursday, Nigeria's President Muhammadu Buhari said his country needed to produce more oil to support its economy and build infrastructure for its sizeable population, many of whom are poor.

He urged OPEC to consider that when sharing oil production cuts, according to a statement from his office.

Nigeria, earlier this month, asked OPEC to reevaluate its oil production quota by categorizing its Agbami field as condensate.

Doing so would improve Nigeria's compliance. Three out of OPEC's six secondary sources count the stream as crude, with the rest considering it a condensate.

In response, Algeria, which currently holds the OPEC presidency, said any attempt to change oil production quotas could lead to oil market collapse.

OPEC+ panel to hold informal online talks on Saturday
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Alan Rice
Alan Rice Nov 28, 2020 2:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"...oil market collapse.." - and OPEC+ is CONSIDERING "production " increases ?? (Late, Great, planet earth, -Selah)
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email