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The organization of Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna on December 5, followed by talks with other crude oil exporting countries, including Russia.
Also on December 5, Saudi Arabia will announce the price of its energy giant Saudi Aramco's initial public offering, which it hopes will become the world's largest listing. At present, oil price may be the key factor determining the IPO pricing.
OPEC and its allies are worried about weak demand growth in 2020, the source told Reuters.
Russian President Vladimir Putin last week set the tone for the December OPEC + meeting, calling Saudi Arabia's position "tough" ahead of the meeting.
Moscow says it is hard to cut production voluntarily in the cold winter. When the production reduction agreement came into effect on January 1, 2017, Russia gradually fulfilled its production reduction commitment, and it did not fully fulfill it until May of that year.
"We don't expect the discussion to be that simple in December. Russia will not readily agree to (further) production cuts in the winter, "a person familiar with the matter said on Tuesday. The Russian energy ministry did not respond to a request for comment.
In the latest production restriction agreement after the extension, OPEC, Russia and other major oil producing countries agreed to reduce production by 1.2 million barrels / day from January 1. The agreement will expire at the end of March next year.


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