Read full post at forexlive.comAn overnight piece from Reuters saying Saudi Arabia and Russia will probably agree to extend their oil production cuts
- And also to postpone planned increases
- A firm decision will be made closer to the OPEC+ meeting scheduled for late November
Adds the piece:
- At present, the production schedule agreed by OPEC+ in April implies the group’s output will increase by almost 2 million barrels per day (bpd) from the start of January. But global inventories remain well above their five-year average, consumption has recovered more slowly than expected and a resurgent COVID-19 pandemic threatens a double-dip recession and another hit to oil demand.
