© Reuters. FILE PHOTO: An OPEC sign is seen on the day of the OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. REUTERS/Lisa Leutner
By Alex Lawler and Ahmad Ghaddar
LONDON/DUBAI (Reuters) – OPEC+ agreed to stick to its oil output targets at its meeting on Sunday, two OPEC+ sources told Reuters.
The decision comes two days after the Group of Seven (G7) nations agreed on a price ceiling for Russian oil.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world production. demand, from November to the end of 2023.
Washington accuses the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s war in Ukraine.
OPEC+ argued that it cut production because of the weaker economic outlook. Oil prices have been falling since October due to slower Chinese and global growth and higher interest rates. [O/R]
On Friday, the G7 nations and Australia agreed to a price cap of $60 a barrel for Russian ocean freight in a move aimed at depriving President Vladimir Putin of revenue while keeping oil at bay. from Russia to the global market.
Moscow has said it will not sell oil below the ceiling and is analyzing how to respond.