OPEC and its allies delayed preliminary talks between ministers by a day to allow more time for a compromise before a critical meeting on Thursday, according to two delegates.
Goldman Sachs Commodities Research said that an increase in oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
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