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

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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.

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