*OPEC+ Starts Meetings to Weigh Further Steps to Support Market*
Today marks the start of the meetings that will be looking to address the current state of the oil market, and how the cartel can look to support prices going into what may be a turbulent turn of the year as people look to rebuild after the coronavirus pandemic. OPEC+ were due to raise output by 2 million barrels per day in 2021 but it looks as if the cuts of 7.7 million barrels per day will continue into 2021. (Reuters)
*Libya’s Output Surge Readily Absorbed by Refiners in Sign of Strong Oil Demand*
Libyan crude output is now over 1 million barrels per day, but fortunately refineries have snapped this up at a faster than expected, indicated demand levels are robust at present. Early indications show that the market can absorb the current output increases from Libya. The officials in the country originally stated that oil production would reach the 700k barrels per day mark by December. (S&P Global Platts)
*Vaccine News Alone Will Not Solve OPEC’s Oil Output Puzzle*
Crude oil has rallied to 10-week highs on the hope that a vaccine will restore normality in the world and oil markets, as people are able to move around, leading to increase demand for fuels and consumption. But the increase in coronavirus cases above many leading predictions has dealt a fresh blow to the hopes of a quick recovery, as dates on roll-out of said vaccines have yet to be released. OPEC are due to make a final decision on output quotas in the next few weeks. (World Oil)