Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt

The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months

World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said, potentially making it harder for the group and its allies to support the market

Oil futures clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand

The Organization of the Petroleum Exporting Countries and its allies may discuss this month which countries have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak said

Keisuke Sadamori, IEA director for energy markets and security, assured that the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus

Russia will propose to OPEC+ to react to the recovery in global oil demand, which has now reached 90% of the levels seen before the pandemic, Russia’s Energy Minister Alexander Novak said

Russia increased its oil and gas condensate production in August as global output curbs eased, indicating it can restore its fields quickly even without an earlier announced plan to drill new wells

OPEC oil output has risen by about 1 million barrels per day (bpd) in August as the group and allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic

Goldman Sachs expects Brent prices to rally in 2021, bolstered by a tighter oil market and as an economic recovery from the coronavirus-induced slump gathers pace, helped by a possible vaccine