Kremlin says new OPEC+ committee’s oil talks to tackle weak demand outlook

The world’s two largest oil exporters, Russia and Saudi Arabia, are in talks on how to support volatile oil markets, the Kremlin said on Monday as rising coronavirus infections worldwide curb fuel demand.

An OPEC+ ministerial monitoring committee, comprising Saudi Arabia and Russia, is meeting on Monday. The panel could discuss rolling over existing oil cuts for 2021, but is unlikely to make a formal recommendation, two OPEC+ sources told Reuters.

Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman held two phone calls last week to discuss oil markets.