Hopes for speedy approval of Covid-19 vaccines spurred a rally in oil prices making some producers question the need to tighten oil policyTokyo/London — Oil prices fell on Thursday as producers, including Saudi Arabia and Russia, locked horns over the need to extend record production cuts set in place during the first wave of the Covid-19 pandemic.
Oil cartel Opec and its allies including Russia , are resuming discussions on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave. But after hopes for a speedy approval of Covid-19 vaccines spurred a rally in oil prices at the end of November, some producers questioned the need to tighten oil policy, which is supported by Opec leader Saudi Arabia.Britain approved Pfizer’s Covid-19 vaccine on Wednesday, jumping ahead in a global race to start the most crucial mass inoculation programme in history.
Oil stocks fell by 679,000 barrels in the week to November 27, less than the 2.4-million-barrel decline forecast in a Reuters poll of analysts.
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