Saudi Arabia May Not Want To Ease Output Cuts In January

Saudi Arabia is mulling over canceling a planned relaxation of OPEC oil production cuts due to enter into effect next January, the Wall Street Journal reported, citing senior oil advisers from the Kingdom. OPEC and its partners led by Russia agreed in April to reduce their combined oil production by 9.7 million barrels daily in response to the demand slump following the outbreak of coronavirus that caused prices to tank. The cuts were to be relaxed by 2 million bpd from July and then by another 2 million bpd from January 2021. Prices, however,…