OPEC+ yet to find compromise on oil policy for 2021: sources

File – Oil fields in Basra, southeast of Baghdad. Iraq serves as China’s fourth-largest source of oil imports (Reuters)

SULAIMANI (ESTA) — OPEC and allies including Russia have yet to find a consensus on oil production policy for 2021, Reuters cited four sources as saying.

Four OPEC+ sources told Reuters on Sunday that the group is now considering rolling over existing cuts of 7.7 million barrels per day (bpd) into the first months of 2021.

OPEC+ was due to raise output by 2 million barrels per day (bpd) in January – about 2% of global consumption – as it moves to ease this year’s record supply cuts. With demand weakening, the gorup has been considering delaying the increase.

Sources have told Reuters that talks were now focusing on extending cuts by three or four months, or on a gradual increase in production.

“There is no consensus as yet,” one of the four sources said.

A second source said: “There are many different ideas on the table… Also, a gradual increase [in production].”

The main meeting was expected to begin at 1300 GMT on Monday.

A panel of OPEC+ was held informal online talks on Sunday. Reuters reported that preliminary consultations on Sunday between the key ministers, including from OPEC’s leaders Saudi Arabia and Russia, had not reached a compromise on the duration of the rollover.

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