The arrival of a vaccine is a blessing for oil producers. Hopes for a vaccine, however, are causing a massive headache for members of the global oil cartel and its Russian-led partners. Some of its members—financially battered and facing internal turmoil—are reaching the end of their ropes.
The Organization of the Petroleum Exporting Countries met Monday and was scheduled to meet with Russian-led producers Tuesday to decide whether to go along with their next scheduled production increase of two million barrels a day, delay it for a few months or opt for a smaller boost. The market had been pricing in a delay.
In April, so-called OPEC+ agreed to cut production collectively by 9.7 million barrels a day, with gradual production increases every six months.
