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“OPEC-Plus: Key Questions for Upcoming Meeting”

“As Opec and its non-Opec partners prepare to meet virtually on Monday and Tuesday to decide their course of action for 2021, challenges for the group are piling up.

On the demand side, Covid-19 vaccine news has boosted hopes that the world economy can return to some sort of normality next year, but the more immediate outlook remains uncertain as new lockdowns are implemented around the world.

On the supply side, challenges are emerging in the form of rising Libyan output and the potential for Iranian barrels to return should the incoming US administration of Joe Biden relax sanctions enforcement.

This week's strikes on Saudi oil infrastructure, meanwhile, have pushed regional security concerns back to the fore, at a time of heightened volatility associated with the transition from an unpredictable US President Donald Trump.”

Oliver Klaus, Amena Bakr, and Rafiq Latta report for International Oil Daily November 27, 2020.