Led by Saudi Arabia and Russia, OPEC+ pledged in early October to cut production by 2 million barrels per day from November.
Vladimir Simiceck | AFP | Getty Images
An influential alliance of oil producers agreed on Sunday to stay the course on production policy ahead of an impending European Union ban on Russian crude.
OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, have decided to stick to its current policy of cutting oil production by 2 million barrels per day, or about 2% of global demand, from November until the end of 2023.
Energy analysts had expected OPEC+ to consider further production cuts to support prices ahead of a possible double hit to Russia’s oil revenues.
The European Union is set to ban all imports of Russian maritime crude from Monday, while the United States and other G-7 members will impose a price cap on oil that Russia sells to countries around the world.
The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.
Oil prices fell below $90 a barrel from over $120 a barrel in early June ahead of potentially disruptive sanctions on Russian oil, weakening demand for crude in China and growing fears of a recession.
Led by Saudi Arabia and Russia, OPEC+ pledged in early October to cut production by 2 million barrels per day from November. It came despite calls from the United States for the group to pump more to lower fuel prices and help the global economy.
This is breaking news. Please come back later to find out more.
