Russia wants to increase production but others want to hold steady.
The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia.
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 bbl/d in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA.
In its latest oil price forecast, Stratas Advisors examines fundamentals versus broader market factors.
Most OPEC+ oil-producing countries oppose plans to increase output from February as winter lockdowns to contain the coronavirus choke demand, three OPEC+ sources told Reuters on Jan. 4.
Russia agreed to reduce its oil production in April last year by more than 2 million bbl/d, an unprecedented voluntary cut, along with other leading oil producers and OPEC.
"Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle," OPEC Secretary-General Mohammad Barkindo says.
From an improving gas market to international opportunities and a new energy workforce, a panel of veteran analysts in the oil and gas industry discuss what to expect from the sector in 2021.