The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said on Tuesday. OPEC and allied producers, led by Russia, together known as OPEC+, are scheduled to reduce output cuts of 7.7 million barrels per day (bpd) by around 2 million bpd from January. But the impact on energy demand of movement restrictions because of the second wave of the COVID-19 pandemic is forcing a rethink. “It looks like we will have to cut deeper in Q1,” the source familiar with Russian thinking said, speaking on condition of anonymity. Producers are “exploring many options beside […]