OPEC’s Algeria backs, Russia ponders extended oil output cuts

OPEC member Algeria on Tuesday came out in support of deferring a planned increase in OPEC+ oil output from January, a day after Russia’s energy minister raised the possibility with the country’s oil companies. Algeria, which holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), supports a possible extension of OPEC+ supply cuts for the first few months of 2021 to avoid another collapse in prices, the country’s Energy Minister said.

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