UPDATE 1-Kremlin signals new OPEC+ oil talks amid weak demand outlook

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

(Adds quotes)
LONDON, Oct 19 (Reuters) - The Kremlin signaled on Monday a
new round of oil talks with Saudi Arabia as producer group OPEC+
meets on Monday to discuss the weakening demand outlook in the
face of rising coronavirus infections.
"Those markets are volatile and we are at an active stage of
cooperation, exchange of opinions. That is why it requires
regular contacts," the Kremlin spokesman Dmitry Peskov told
reporters.
Russian President Vladimir Putin and Saudi Arabia Crown
Prince Mohammed bin Salman held two phone calls last week to
discuss oil markets.
OPEC+ sources said the group was unlikely to recommend
immediate action on Monday. 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)