OPEC To Resume Talks on Oil Production – 2 December, 2020

Resuming discussions between the Organization of the Petroleum Exporting Countries (OPEC) over the future of production cuts caused oil prices to dip. Brent crude was 0.3% or 15 cents lower  to $48.10, having gained 1.8% the previous session. U.S. oil was down 0.4% or 17 cents to $45.11 per barrel after gaining 1.6% the previous session. OPEC and Russia will be meeting this week to discuss future policies and strategies to tackle the drop in demand for oil since the outbreak of the coronavirus forced a stop on travel. The cut of 7.7 million barrels per day was expected to be extended until the spring of 2021, however recent progress in a potential vaccine has left the need for a re evaluation.