The OPEC+ oil alliance agreed on Sunday to keep its same production targets, inflicting another setback on the United States and its Western allies seeking to rein in high gas prices.
Saudi Arabia-led OPEC has cut oil production by 2 million barrels from November, a cut that will remain in effect after Sunday’s meeting, the group confirmed in a statement.
The decision comes after the Group of Seven (G7) countries plus Australia agreed on Friday to cap what they would pay for Russian oil at $60 a barrel, which is expected to come into effect on Monday with an embargo of the EU on Russian oil shipped. by the sea.
The move angered Moscow and a spokesman said it would not agree to the price cap, which aims to cut Russia’s war chest to hamper the country’s ability to fight in Ukraine.
OPEC+ pushed back against US efforts to block the cuts decided in October.
President Biden over the summer had traveled to Saudi Arabia to meet Crown Prince Mohammed bin Salman amid soaring US gasoline prices
At the October meeting, OPEC members raised concerns about potential recessions in Europe and the United States for cutting oil production, which was already down before the cuts.
Now, China’s COVID-19 infections and general unrest are creating more uncertainty.
The price of a barrel of oil closed Friday at 85.42 dollars, against 98 dollars a month ago.
In the United States, gasoline prices fell to $3.41, according to transportation and automotive organization AAA.
The Associated Press contributed to this report.