OPEC+ Fail To Agree On An Oil Policy For 2021

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo

Reuters: OPEC+ yet to find compromise on oil policy for 2021, say sources

LONDON (Reuters) - OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters.

OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries, plus Russia and others, had been due to ease production cuts from January 2021, but a second coronavirus wave has reduced demand for fuel around the world.

OPEC+ is now considering rolling over existing cuts of 7.7 million barrels per day, or around 8% of global demand, into the first months of 2021, sources have said.

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