Some Opec+ members to meet tomorrow for informal talks

Some members of the Opec+ coalition will meet for informal talks tomorrow ahead of next week's ministerial meetings.

Saudi Arabia and Russia have called together members of the group's Joint Ministerial Monitoring Committee (JMMC) for tomorrow's discussions, an Opec delegate said.

Opec ministers are scheduled to meet formally on 30 November, and a full Opec+ meeting follows on 1 December. They will decide whether to stick to the original plan to raise combined crude production by almost 2mn b/d from January or whether to extend current output cuts into next year as the group seeks to help the market navigate what is looking to be an uncertain start to 2021.

Positive news about Covid-19 vaccines has provided some support to oil prices in recent weeks. But sources say that Opec+ is still leaning towards a decision to delay the increase in output, most likely by three months.

By Rowena Edwards