OPEC+ does not change targets despite G7 reactions and ceiling decision

OPEC+ is expected to stick to its oil production targets at its meeting today, four OPEC+ sources said, after the Group of Seven (G7) countries agreed to cap the price of Russian oil.

OPEC+, which includes Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia drew the ire of the United States and other Western countries in October when they agreed to cut output by 2 million barrels a day, about 2 percent of global demand, from November until the end of 2023 .

Washington has accused the organization and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s war against Ukraine.

OPEC+ argued that it cut production due to a weaker economic outlook. Oil prices have fallen since October on slowing Chinese and global growth and higher interest rates.

The manufacture, the G7 countries and Australia agreed to a $60-a-barrel ceiling on the price of Russian seaborne oil, in a move intended to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to world markets.

THE Moscow said it would not sell oil under the cap and was considering how to respond.

Many OPEC analysts and ministers have said the cap is complicated and likely ineffective as Moscow sells most of its oil to countries such as China and India, which have refused to condemn the war in Ukraine.

OPEC met online on Saturday without Russia and its allies and did not discuss the ceiling on the price of Russian oil, sources cited by Reuters said.

“We will keep production as it is,” one of the sources said today. The OPEC+ talks begin at 13:00 Greek time with a meeting of the consultative Joint Ministerial Monitoring Committee (JMMC), which will be followed by the full ministerial conference.

RES-EMP

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