DUBAI/MOSCOW/LONDON : Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic. The JMMC, which can recommend policy to the broader group, made no formal recommendations on Tuesday, three OPEC+ sources said. I recently said we must be ready to tweak the terms of our agreement if need be," the Saudi minister said. An option gaining support among OPEC+ nations is to keep the existing cuts of 7.7 million bpd for a further three to six months, OPEC+ sources said, rather than tapering the reduction to 5.7 million bpd in January. Oil slipped further below $44 a barrel on Tuesday, although hopes for a COVID-19 vaccine and expectations of further action by OPEC+ are lending support.

Source: Mint November 17, 2020 16:18 UTC