Led by Saudi Arabia and Russia, OPEC+ agreed in early October to cut back production by 2 million barrels per day from November.
Vladimir Simicek | Afp | Getty Images
An influential alliance of oil producers on Sunday agreed to remain the course on output policy ahead of a pending ban from the European Union on Russian crude.
OPEC and non-OPEC producers, a bunch of 23 oil-producing nations often known as OPEC+, decided to keep on with its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the tip of 2023.
Energy analysts had expected OPEC+ to think about fresh price-supporting production cuts ahead of a possible double blow to Russia’s oil revenues.
The European Union is poised to ban all imports of Russian seaborne crude from Monday, while the U.S. and other members of the G-7 will impose a price cap on the oil Russia sells to countries world wide.
The Kremlin has previously warned that any try and impose a price cap on Russian oil will cause more harm than good.
Oil prices have fallen to below $90 a barrel from greater than $120 in early June ahead of probably disruptive sanctions on Russian oil, weakening crude demand in China and mounting fears of a recession.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to cut back production by 2 million barrels per day from November. It got here despite calls from the U.S. for the group to pump more to lower fuel prices and help the worldwide economy.
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