Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » OPEC delays talks with allies until Thursday

    OPEC delays talks with allies until Thursday

    December 1, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp

    News wire — The members of the OPEC oil producers cartel decided Tuesday to delay by two days talks with their allies over a possible extension to output cuts to support the pandemic-stricken market.

    An OPEC source told AFP that while the 13 members of OPEC proper may continue informal discussions on Tuesday, no formal ministerial conference along the lines of that on Monday was planned.

    The organisation confirmed that the meeting of the broader OPEC+ grouping — which includes Russia — had been delayed to Thursday at 1300 GMT.

    Cartel members had failed to reach agreement on Monday after around four hours of videoconference talks.

    Despite expectations before the meeting that an extension of output cuts was on the cards, analysts have taken the delay as a sign of splits within the grouping.

    Some members are still of the opinion that as the second wave of the coronavirus pandemic continues to rage in many countries it would be premature to introduce almost two million additional barrels per day onto the market, as envisioned in the deal struck in April by OPEC and its partners.

    However, the recent rise in crude oil prices — which have picked up by 25 percent over the past month — as well as positive news on vaccine development means others see light at the end of the tunnel and are arguing for keeping to the current calendar.

    OPEC daily basket oil price closes at $46.43 per barrel

    The production cuts and resulting fall in revenues have been painful for some states, even if the cuts have helped support prices. “While some see the market as still too fragile to accept more barrels, others are keen to ramp up production and make the most of rising prices,” said analyst Avtar Sandu of Phillip Futures.

    After falling a little on Monday evening after talks broke up without agreement, the prices for both the US crude oil benchmark, West Texas Intermediate (WTI), and Europe’s Brent North Sea contracts were stable on Tuesday.

    Follow us on twitter

    Related News

    Court dismisses N5.74bn Macobarb’s suit against NLNG

    Collaboration is key to unlocking Nigeria’s marginal field potential

    Oil prices steady as investors weigh trade war impact

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Court dismisses N5.74bn Macobarb’s suit against NLNG

    July 16, 2025

    Collaboration is key to unlocking Nigeria’s marginal field potential

    July 16, 2025

    ANPG President to outline Angola’s $60bn investment strategy at AOG 2025

    July 16, 2025

    West African development bank expects regional growth to edge lower

    July 16, 2025

    Oil prices steady as investors weigh trade war impact

    July 16, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.