- OPEC+ to reconvene after delegates cut yesterday's session short to allow for additional negotiations between members (Bloomberg)
- According to Bloomberg, discord has been reported between Saudi Arabia and Russia as to whether the planned 500 MBbl/d hike is still warranted under faltering demand
- Saudi Energy Minister Prince Abdulaziz bin Salman recommended rolling back the additional 500 Mbbl/d returned in January as the new coronavirus strain spreads globally. In contrast, Russia has doubled down and wants to maintain the output from January and bring an additional 500 Bb/d back in February
- Britain imposes its third national COVID-19 lockdown today to mitigate the spread of the virus while the government begins mass vaccinations (Reuters)
- The new lockdown will likely cause further economic contraction during 1Q2021, though the lockdown will not be as detrimental as previous ones
- AEGIS notes this will weigh on oil prices as the market is already reeling from an increase in coronavirus infections
- Georgia senate runoff elections come into focus as results will determine which party controls the U.S. senate
- A Democratic victory in both races could flip control of the Senate away from Republicans, potentially boosting the agenda of incoming President-elect Joe Biden
- According to FiveThirtyEight, candidates (D.) - Jon Ossoff and (D) - Raphael Warnock hold narrow leads in their respective races, though a robust Republican turnout is expected today
- A Democratic sweep could weigh on energy stocks as fears of stricter rules on the industry cause investors to direct capital to other less risky sectors