February 1, 2023

On Sunday, the OPEC Plus group decided to leave its policy unchanged.

OPEC+ chief ministers will meet in February next year, with a full ministerial meeting scheduled for June 3rd and 4th next year.

The decision came two days after the G7 agreed on a price ceiling for Russian oil.

OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia.

The group angered the United States and other Western countries last October when it agreed to cut production by two million barrels a day, or about 2 percent of global demand, from November until the end of 2023.

Washington accused the group and Saudi Arabia, one of its most prominent members, of siding with Russia despite its war with Ukraine.

OPEC+ explained its decision to cut production by weak economic prospects. Oil prices have fallen since October due to slower growth in China and around the world, as well as higher interest rates, prompting markets to speculate that the group may cut production again.

On Friday, the G7 and Australia agreed to cap the price of a barrel of Russian crude oil transported by sea at $60 per barrel to cap Moscow’s revenues while keeping Russian oil flowing. to world markets.

Moscow has said it will not sell its oil below that ceiling and is studying the situation to respond.

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