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An OPEC+ technical panel warned that a rise in Covid-19 cases in some countries may curb crude oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters on Thursday.
Read moreOPEC+ panel warns of coronavirus impact, sees signs of decline in crude oil overhang
OPEC crude oil producers and allies such as Russia, a grouping dubbed OPEC+, meets today to review compliance with oil cuts meant to support oil prices amid the COVID pandemic.
Read moreOPEC+ meets to review compliance with crude oil cuts
OPEC crude oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and United states sanctions on Iran and Venezuela.
Read moreOPEC Crude Oil Output Sinks to Lowest Since 2011 after Saudi Attacks
On Wednesday Donald Trump called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.
Read moreAhead of OPEC Meeting, Trump Urges Producers to Keep Oil Flowing