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IPFS News Link • Oil

Oil Surges On Report Russia Proposes Delay Of OPEC+ Output Hike

• Zero Hedge

After plunging late on Sunday as electronic trading returned after a week in which the UK announced fresh lockdowns while Libyan output surged to 1mmb/d, oil has followed in futures' footsteps and moments ago reversed dramatically, and turned green after plunging over 5% at one point overnight , on a Bloomberg report Russia was mulling delaying the return of some OPEC+ output until the end of Q1. In kneejerk response, futures in New York were down 1% to $35.44/bbl by 8:19am New York time, after earlier falling as much as 6% to a five-month low.

The report follows a report from EnergyIntel last week according to which OPEC+ are mulling a proposal to roll over their production cuts at current levels for another three months until Mar. 31, citing delegates.


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