OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Ministers from OPEC+ group of oil producers met on Thursday to decide whether to keep output steady or agree a modest increase, with Saudi Arabia and Russia saying a recovery in demand for crude remained fragile.

Saudi Energy Minister Prince Abdulaziz bin Salman and Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, have to decide with their allies whether a rally in oil prices is enough to warrant more supply or if uncertainty about the coronavirus crisis should encourage more caution.

With oil above $60 a barrel, some analysts have predicted the OPEC+ group of producers will increase production by about 500,000 barrels per day (bpd) and also expect Saudi Arabia to partially or fully end its voluntary reduction of 1 million bpd.