OPEC+ working on compromise for 2021 oil policy, sources say

OPEC and Russia have moved closer to a compromise over oil supply policy for 2021 after talks earlier this week failed to yield a decision on how to tackle weak oil demand amid a second coronavirus wave, OPEC+ sources told Reuters.

The Organization of the Petroleum Exporting Countries, Russia and allies, a group known as OPEC+, had previously been expected to extend existing oil cuts of 7.7 million barrels per day (bpd), or 8% of global supplies, until at least March.