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OPEC+ Heads Back Into Talks on Supply Hike With Russia Isolated

  • Discussions will resume at 3:30 p.m. Vienna time on Tuesday
  • Russia proposed increase, majority want to keep current cuts
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What's in Store for Oil Prices in 2021?
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OPEC+ heads back into talks seeking a resolution to Monday’s breakdown, with Russia isolated in its push for a production hike against a majority that want to maintain current output cuts.

Ministers needed more time to resolve differences over how much extra oil the market can take as the resurgent pandemic brings tighter lockdowns, but after informal discussions on Tuesday a compromise was still elusive, delegates said.