OPEC, Allies Concerned About Demand, Call on Global Action

OPEC, Allies Concerned About Demand, Call on Global Action

OPEC and allied producers on Monday pledged action to support the oil market as concerns mounted that a second wave of the COVID-19 pandemic will hobble demand and an earlier plan to raise output from next year would further depress prices.

Saudi Arabia, the biggest member of the Organization of the Petroleum Exporting Countries (OPEC), said no-one should doubt the group's commitment to providing support, while three sources from producing countries said a planned output increase from January could be reversed if necessary.

Already Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman held two phone calls last week. Kremlin Dmitry Peskov spokesman said regular contact was necessary as the markets were volatile.

OPEC and its allies, including Russia, collectively known as OPEC+, have curbed output since January 2017 to