- WTI is down 14c to $45.39/Bbl, and Brent is down 41c to $47.77/Bbl
- OPEC+ members to begin formal talks on extending oil cuts or increasing output
- The group met on Sunday but failed to reach an agreement prior to Monday's formal talks
- The group is set to ease production cuts by 2 MMBbl/d starting in January; however, the decision has been complicated by rising Libyan output and an increase in coronavirus infections
- OPEC+ members Kazakhstan and the UAE have expressed concerns about extending the oil cuts, according to Reuters
- Oil may reach $65/Bbl in 2021 as an inflection point is reached in 2H2021 (Goldman)
- The market will be supported by a vaccine-led rebound in demand, and a "modest" non-OPEC supply response
- The price forecast is contingent on an extension of the OPEC+ output cuts. If the cuts are not extended, Goldman foresees $5/Bbl in downside from current levels
- The Baker Hughes oil rig count gained 10 rigs to bring the total gas rig count to 241
- The major basins, Permian, Eagle Ford, and Denver-Julesburg, added five, three, and one rig, respectively