Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable

OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC, according to a Reuters report

Saudi Arabia’s energy minister said that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC cut oil exports in June by 1.84 million barrels per day from May levels as it works to implement an output reduction agreement with Russia and other allies

Russian Energy Minister Alexander Novak said the global oil market might achieve a balance between supply and demand in July and could even face a shortage of crude