Prior to Russia Sanctions, OPEC+ Maintains Oil Production Cuts.

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23 oil-producing countries that make up OPEC and non-OPEC producers have agreed to maintain their current policy of reducing oil production by 2 million barrels per day, or roughly 2% of global demand, from November through the end of 2023.

Ahead of a potential European Union ban on Russian crude, the influential alliance of oil producers decided to maintain its output policy.

While the United States and other G-7 members will set a price cap on the oil Russia sells to nations around the world. The European Union is prepared to outlaw all imports of Russian seaborne crude beginning. From more than $120 a barrel early on, oil prices have dropped to below $90 a barrel. 


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