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OPEC+, a group of major producers led by Saudi Arabia and Russia, is likely to delay raising the output by 2 million barrels per day (bpd) past January 2021, helping secure a large deficit through the first quarter and the rest of the year, according to analysts at the investment banking giant Goldman Sachs. 

Key quotes (Source: Reuters)

Virus uncertainty, lockdown headlines, the aftermath of the US election point to oil price volatility through November and near-term downside.

The oil market can likely stay in an average deficit through winter given the current deficit starting point and with rising heating and emerging market demand which is coming out of its first coronavirus wave. 

Also read: WTI oil slip to five-month low on demand concerns