OPEC conf. to reconvene on Tues.

VIENNA, Nov 30 (KUNA) -- Participants in the 180th Meeting of the OPEC Conference agreed to extend the virtual gathering until Tuesday, December 1, for further consultations.
Algerian Minister of Energy and President of the Conference Abdulmadjid Attar opened the videoconference earlier Monday.
The chief delegates of the OPEC and non-OPEC countries are scheduled to discuss a proposal to extend their agreement on oil output cut by 7.7 million barrels per day (m. bpd) until the end of March 2021.
The deal, envisaged in the Declaration of Cooperation (DoC), contributed to stabilizing the global oil market, the OPEC+ Joint Ministerial Committee said, applauding the commitment of partners to their respective production quotas, including the output cuts.
The 180th Ministerial Meeting of the OPEC Conference and OPEC+ meeting, coincided with the celebrations marking the 60 anniversary of the Vienna-based organization and the fourth anniversary of the signing of the DoC in December, 2016.
In its Monthly Oil Market Report (MOMR) in mid-November, the OPEC revised down the global oil demand forecast for 2020 by 0.3 mb/d to 22.1 mb/d.
For 2021, oil demand growth is expected to grow by 6.2 mb/d to to 27.9 mb/d, y-o-y, representing a downward revision of 0.3 mb/d. (end) amg.gb