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

MOSCOW, Nov 27 — Opec+, a group of leading oil producing countries, will hold informal online talks tomorrow prior to meetings scheduled for next week, a source with the knowledge of the matter said.

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

Russian news agencies said that Deputy Prime Minister Alexander Novak will attend tomorrow’s meeting. Novak was energy minister until earlier this month, leading Moscow’s efforts to forge close ties with the Organisation of the Petroleum Exporting Countries and clinch the deal on output cuts.

Opec+ will meet on November 30 and December 1 to decide output policy for next year.

The group was due to raise output by two million barrels per day in January — about two per cent of global consumption — as part of a steady easing of record supply cuts implemented this year.

But with demand for fuel weakening because of a second wave of the pandemic, Opec+ has been considering delaying the increase or even making further cuts. — Reuters