OPEC+ opens talks on whether to extend oil cuts or gradually hike output

DUBAI/LONDON – OPEC+ members began a meeting on Monday to discuss whether to extend existing oil cuts for three to four months or to increase output gradually from January, as the coronavirus crisis continues to pummel demand for fuel.

Officials from the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, held an initial round of talks on Sunday before formal discussions began but failed to reach agreement on policy for 2021.

OPEC+ had been due to ease existing production cuts by 2 million barrels per day (bpd) from January 2021, but a second coronavirus wave has reduced demand for fuel around the world, prompting a rethink among members of the group.