OPEC+ (which is OPEC plus Russia really) talks are expected to conclude today, 3 December 2020
Reports so far suggest:
- negotiations have made progress
- but there is still no firm guarantee of a deal
- Russia is said to be ready to agree on gentler easing of curbs
- discussions are centred on proposals for a gradual easing of output cuts over several months, its not clear when such a 'tapering' would begin
Without a deal being reached the current plan at present is for output to be hiked from January 1 by 1.9 million barrels a day.
I'll be keeping an eye out for any further info I can get. As for timing of the deciison (if there is one!), that too is vague, perhaps late Europe afternoon.
