OPEC and Russia study oil cuts in 2021

According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) and Russia are considering implementing larger cuts in oil production in early 2021 in an attempt to strengthen the market. OPEC and allied producers (OPEC+), led by Russia, are expected to cut oil supply by about 2 million barrels per day (bpd) from January.

However, the negative impacts of the Coronavirus pandemic on energy demand would be forcing the group to rethink the strategy. OPEC+ is expected to meet on November 30 and December 1 to define its production policy.

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