OPEC+ Vows ‘Proactive’ Response to Precarious Oil Market
- Saudi Arabia says OPEC+ will nip negative trends ‘in the bud’
- Group didn’t discuss plans to raise output in Jan.: delegates
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The OPEC+ alliance warned of a “precarious” outlook as a resurgent coronavirus pandemic hurts oil demand, dropping further hints about a potential change of policy next month.
Unless the coalition changes tack, it will add almost 2 million barrels a day from January. But increasingly traders have warned the market cannot absorb so much oil.