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OPEC+ Discusses Compromise Deal After Days of Internal Division

Group debates plan to ease cuts gently over several months
Ministers seek to patch up rift between Saudi Arabia and UAE

File: Oil In Focus At G20 And OPEC Meeting — Photographer: Simon Dawson/Bloomberg

By

Salma El Wardany,

Grant Smith, and

Dina Khrennikova

December 2, 2020, 3:52 PM UTCUpdated onDecember 3, 2020, 4:20 PM UTC

OPEC+ was discussing a proposal to gradually ease its oil-output cuts next year, seeking to resolve divisions that emerged at the core of the cartel over several days of fractious negotiations.

Talks were focused on a proposal for the cartel to add 500,000 barrels a day to the market in January, potentially to be followed by similar-sized supply hikes in subsequent months, delegates said. That would modify the current deal, which allows supply to jump by 1.9 million barrels a day from Jan. 1.