The coalition is debating whether to maintain supply at current levels or increase it as planned in January. Some members are concerned that global markets remain too weak to absorb more barrels while others want to sell more crude as prices surge amid hopes for virus vaccines.
Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. The runup to the meeting has been marked by new cracks emerging in the coalition.
A couple of hours into the call on Monday, a delay of three months was proposed, according to delegates, and so far there’s been no opposition. But delegates said it was likely a final decision wouldn’t be reached until Tuesday.
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