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The producers comprising of the OPEC and its allies (OPEC+) are likely to discuss whether to extend current oil output cuts by three to four months or to gradually hike production from January, as they commence its two-day meeting on Monday, Reuters reports, citing the OPEC+ sources.

Sources said: “OPEC+ is now considering extending the existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021.”

“Today meeting will be difficult, especially if Russia and Kazakhstan didn’t change their position,” a source said.

The informal discussions by the OPEC+ over the weekend failed to materialize, as they failed to find a consensus on oil output policy for 2021.

WTI cautious around $45

With a hike in oil output also being considered as an option in the OPEC+ meeting, the WTI barrel remains under pressure around $45, losing nearly 1.5% on the day.

The black gold is on track to book a 20% monthly gain this month, having rallied to eight-month highs of $46.24 last week.

WTI: Technical levels