OPEC+ to discuss weaker oil demand outlook: report

19/10/2020 Argaam

OPEC+ will meet today, Oct. 19, to discuss the weakening demand outlook in the face of rising coronavirus infections and increased output from Libya, but is unlikely to recommend immediate action, Reuters reported, citing OPEC+ sources.

 

OPEC+ experts last week discussed risks of a persisting supply overhang in 2021 amid a prolonged and severe second wave of the pandemic.

 

Currently, OPEC and allies are curbing production by 7.7 million barrels per day (bpd), down from 9.7 million bpd. They are due to taper cuts by 2 million bpd in January.

 

Meanwhile, analysts from US investment bank JP Morgan have suggested that a bearish demand outlook is likely to prompt OPEC+ to delay any easing of the reductions.

 

The UAE and Russia have said that cuts would be eased as planned, the report said.

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