Five OPEC+ sources indicated on Saturday that OPEC+ will likely keep to its oil output targets when it meets on Sunday, a day after the Group of Seven (G7) nations agreed on a price restriction on Russian oil.
OPEC+, which includes OPEC and its allies, including Russia, enraged the United States and other Western nations in October when it decided to cut output by 2 million barrels per day (bpd), or around 2% of global demand, from November until the end of 2023.
Despite Moscow’s war in Ukraine, Washington accused the group and one of its leaders, Saudi Arabia, of backing with Russia.
OPEC+ said it reduced output owing to a poor economic outlook, and oil prices have fallen since October as a result of slower Chinese and global growth, as well as increased interest rates.
G7 countries and Australia agreed on Friday to a $60 per barrel price restriction on Russian seaborne crude oil, depriving President Vladimir Putin of cash while keeping Russian oil flowing to global markets.
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