OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters. There was support in delaying the hike but there was no widespread agreement between members. Therefore, as it currently stands, output will be increased by 1.9m barrels a day in January. key notes ”OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries, plus Russia and others, had been due to ease production cuts from January 2021, but a second coronavirus wave has reduced demand for fuel around the world.” ”OPEC+ is now considering rolling over existing cuts of 7.7 million barrels per day, or around 8% of global demand, into the first months of 2021, sources have said.” ”Preliminary consultations on Sunday between the key ministers, including from OPEC’s leader Saudi Arabia and Russia, had not reached a compromise on the duration of the rollover.” ”Sources have said talks were now focusing on extending cuts by three to four months, or on a gradual increase in output. Ideas of deeper cuts or a six-month rollover were much less likely, the sources said.” “There is no consensus as yet,” one of the four sources said. A second source said: “There are many different ideas on the table… Also, a gradual increase (in production).” The main meeting was expected to begin at 1300 GMT on Monday. Market implications It is ‘wait-and-see-mode’ for oil markets in anticipation of the continuation of talks this week. ”Brent spreads narrowly moved into backwardation, implying the market has discounted the near-term deficits that are likely to materialize with an OPEC+ tapering delay, combined with a continued recovery in demand. This fits well with our expectations, suggesting that the market has fully discounted a likely OPEC+ tapering delay,” analysts at TD Securities noted last week ahead of the meetings. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Bears look to retake controls amid Brexit woes, vaccine hopes FX Street 1 year OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters. There was support in delaying the hike but there was no widespread agreement between members. Therefore, as it currently stands, output will be increased by 1.9m barrels a day in January. key notes ''OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries, plus Russia and others, had been due to ease production cuts from January 2021,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.