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OPEC+ to discuss weakening oil demand outlook

Published 19/10/2020, 09:15
© Reuters.

* OPEC compliance with cuts: https://graphics.reuters.com/OIL-OPEC/qzjvqajmdvx/
* Non-OPEC compliance with cuts: https://graphics.reuters.com/OIL-OPEC/nmovaykoava/

LONDON, Oct 19 (Reuters) - Oil producer group OPEC+ will
meet on Monday to discuss the weakening demand outlook in the
face of rising coronavirus infections as well as increased
output from Libya but is unlikely to recommend immediate action,
OPEC+ sources said.
An OPEC+ joint ministerial monitoring committee, comprising
top producers Saudi Arabia and Russia, is scheduled to meet from
1330 GMT.
The Organization of the Petroleum Exporting Countries (OPEC)
and allies including Russia, collectively known as OPEC+, have
been reducing output since January 2017 in an effort to balance
the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels
per day (bpd), down from 9.7 million bpd, and are due to taper
cuts by 2 million bpd in January.
Several OPEC watchers, including analysts from U.S.
investment bank J.P. Morgan, have suggested that a bearish
demand outlook could prompt OPEC+ to delay any easing of the
reductions. The United Arab Emirates and Russia, however, have
said that cuts would be eased as planned.
The group will meet again on Nov. 30.
OPEC+ experts last week discussed risks of a persisting
supply overhang in 2021 in the event of a prolonged and severe
second wave of the COVID-19 pandemic.
"Demand itself is still looking anaemic," OPEC Secretary
General Mohammad Barkindo said last week. (OPEC newsroom
Editing by David Goodman)

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