OPEC and
non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided
to stick to its existing policy of reducing oil production by 2 million barrels
per day, or about 2% of world demand, from November until the end of 2023.
Energy
analysts had expected OPEC+ to consider fresh price-supporting production cuts
ahead of a possible double blow to Russia’s oil revenues.
The
European Union is poised to ban all imports of Russian seaborne crude from
Monday, while the U.S. and other members of the G-7 will impose 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 cause more harm than good.
Oil prices
have fallen to below $90 a barrel from more than $120 in early June ahead of
potentially disruptive sanctions on Russian oil, weakening crude demand in
China and mounting fears of a recession.
(source:CNBC)
