OPEC+ discussed extending oil output cuts for 3-4 months, gradual increase in output - report

Reuters reports, citing OPEC+ sources

The sources say that OPEC+ members discussed rolling over the output cuts deal for 3-4 months and a gradual increase in output from January as among the main scenarios going into the meetings over the next two days.

That sort of fits a bit of a compromise as to what is taking place behind the scenes currently, with some members said to be reluctant to commit to extending the output cuts deal and seeking an easing to that.

It is going to be a tricky next two days for oil but if this is the "best" OPEC+ can manage, it may be tough to build further on any rally unless vaccine developments can give risk trades another major shot in the arm similar to the last few weeks.