Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit of the leading global oil producers

The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned

The Paris-based watchdog revised down its estimates for oil demand this year by 50,000 barrels per day (bpd) and for next year by 170,000 bpd, citing scarce jet fuel use as fewer people travel by air

Finance Minister Anton Siluanov said that the decision by OPEC+ last week to gradually increase oil output would help Russia to fulfil its budget revenue plan and also potentially grow its sovereign wealth fund

OPEC and Russia agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year

OPEC and Russia have moved closer to a compromise over oil supply policy for 2021 after talks earlier this week failed to yield a decision on how to tackle weak oil demand

OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal

OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week

OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices