Led by Saudi Arabia and Russia, OPEC+ agreed in early October to cut production by 2 million barrels a day from November.
Vladimir Simicek | AFP | Getty Images
A powerful alliance of oil producers on Sunday agreed to stay the course of production policies ahead of a forthcoming European Union ban on Russian crude.
OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick with their existing policy of cutting oil production by 2 million barrels a day, or about 2% of global demand, from November through the end of 2023
Energy analysts had expected OPEC+ to consider new price-supportive production cuts ahead of a possible double hit to Russia’s oil earnings.
The European Union is poised to ban all imports of Russian sea crude starting Monday, while the US and other members of the G-7 will set a price cap on the oil Russia sells to countries around the world.
The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will do more harm than good.
Oil prices have fallen below $90 a barrel from above $120 in early June ahead of potentially disruptive sanctions on Russian oil, weaker crude oil demand in China and growing fears of a recession.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to cut production by 2 million barrels a day from November. It came despite demands from the US for the group to pump more to bring down fuel prices and help the global economy.
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