Worried about weak oil demand, OPEC+ weighs options for 2021

Worried about weak oil demand, OPEC+ weighs options for 2021

Saudi Arabia said on Monday no-one should doubt OPEC's commitment to propping up volatile markets, as it held talks with the world's other leading oil exporter Russia on Monday.

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, adding regular contact was necessary as the COVID-19 pandemic has sapped oil demand.

On Monday, an OPEC+ ministerial monitoring committee (JMMC), including Saudi Arabia and Russia, held talks to discuss compliance with their oil output cuts. The panel may also debate options on whether to extend the existing curbs into 2021, OPEC+ sources said.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, collectively known as OPEC+, have curbed output since January