FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
Adding to pressure, worldwide COVID-19 cases crossed 40 million on Tuesday, with some parts of Europe imposing renewed lockdown measures. On the supply side, the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, plan on scaling back their production cuts in January from a current 7.7 million barrels per day to roughly 5.7 million bpd in January.
Still, Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed.
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