Some sources said that the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) in September is not likely to advocate further oil output cuts.
The sources added that the coalition would extend the compensation period for earlier overproduction for some countries such as Iraq and Nigeria, up to October and November.
OPEC+ output target is unlikely to be changed despite oil prices have fallen to lower than USD40/barrel recently.
One source with knowledge on Saudi Arabian oil policy said that there is only a small opportunity for Riyadh to try to push oil prices up by adding voluntary cuts to its mandatory quota as the kingdom wants to protect its market share.
Separately, a source familiar with Russian oil thinking said that even when Russia has hinted its willingness to ease the curbs, the issue was not immediate and could be discussed at later stages.
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Published on September 15, 2020 3:22 PM (GMT+8)Last Updated on September 18, 2020 9:56 AM (GMT+8)
