In spite of US pressure and price cap on Russian oil plan OPEC+ to stick with output cut

Read Time:1 Minute, 23 Second
https://www.youtube.com/watch?v=1RGW2wr2AYA&t=9s

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, December 4, as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil supply. The decision comes two days after the G7 nations agreed on a price cap on Russian oil. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the US and other Western nations in October when it agreed to cut output by 2 million barrels per day – about 2% of world demand – from November until the end of 2023. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia over the Ukraine crisis, while OPEC+ argued it had cut output because of a weaker economic outlook, and the group of oil producers again decided to keep the October cut on Sunday. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil, in a move to deprive Putin of revenue while keeping Russian oil flowing to global markets. Moscow said it would not sell its oil under the cap and was analyzing how to respond. Russia’s Deputy Prime Minister Alexander Novak said on Sunday that Russia would rather cut production than supply oil under the price cap and said the cap may affect other producers.

BYPASS THE BIG TECH CENSORSHIP
Get uncensored news and updates, please subscribe to our FREE newsletter!

 

Please support us by following our social media:
Contributor posts published on Russia Truth do not necessarily represent the views and opinions of Russia Truth, and are not selected, edited or screened by Russia Truth editors.


Bypass the big tech censorship
Get uncensored news and updates, please subscribe to our FREE newsletter!





If you would like to help support us further, please consider a donation.
Any amount is greatly appreciated as it helps cover the cost of our server and web-hosting fees, and also enables to fund projects and plan for expansion.
Monthly:

(You can cancel at any time).