OPEC+ will resume talks today after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand.
The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia. The talks are scheduled to resume at 1430 GMT on Tuesday.
OPEC+ sources told Reuters that Russia and Kazakhstan had backed raising production while Iraq, Nigeria and the United Arab Emirates suggested holding output steady.
On Sunday OPEC Secretary General Mohammad Barkindo had warned OPEC+ experts of downside risks facing the oil market.
On Monday, Saudi energy minister Prince Abdulaziz bin Salman said OPEC+ should be cautious despite a generally optimistic market environment as demand remains fragile and the new variant of coronavirus is unpredictable.