OIL & GAS

OPEC+ Panel’s Informal Online Talks Postponed To Sunday

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Sunday – a day later than scheduled – prior to meetings planned for next week, a source with the knowledge of the matter told Reuters.

The talks had initially been scheduled for Saturday, according to a letter seen by Reuters and the source. The source said they will be now held on Sunday. No reason for the postponement has been given.

OPEC+ is debating whether to ease oil output cuts from Jan. 1, as it previously agreed, or to continue producing at the same rate amid sluggish oil demand and the fallout from the coronavirus pandemic.

The letter from the Organization of the Petroleum Exporting Countries, seen by Reuters, had initially said Russian Deputy Prime Minister Alexander Novak will attend Saturday’s informal consultations of the Joint Ministerial Monitoring Committee’s heads.

Novak was energy minister until earlier this month, leading Moscow’s efforts to forge close ties with OPEC and clinch the deal on output cuts.

Saudi Arabia will be represented by its Energy Minister Prince Abdulaziz bin Salman.

OPEC+ will meet on Nov. 30 and Dec. 1 to decide output policy for next year.

Source
business world
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