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Just hours before fresh Western sanctions on Russian crude shipments take effect, OPEC and its allies voted on Sunday to maintain their current strategy of limiting oil production.
The Organization of the Petroleum Exporting Countries (OPEC) and other significant oil producers, including Russia, announced they will maintain a 2 million barrels per day supply restriction that was put in place in October, began last month, and is expected to extend through the end of 2023.
In a statement, OPEC said the video conference meeting on Sunday had confirmed the decision made in October and that the group was prepared to meet whenever it was necessary to “address market developments.”
The largest cuts since the start of the pandemic, those agreed to in October, provoked criticism from the United States. The Biden administration referred to them as “shortsighted” and claimed that by raising energy prices, they would harm low- and middle-income countries.
Since then, however, oil prices have fallen as traders have concentrated on how continued coronavirus lockdowns in China and concerns about a world recession may affect demand.
However, market volatility may continue in the upcoming days. On Monday, a restriction on importing Russian oil by sea into Europe goes into effect, adding more uncertainty to the outlook for energy supply.
The G7 countries, the European Union, and Australia decided on Friday to cap the price of Russian oil delivered to other nations without an embargo at $60 per barrel. The action, which also goes into effect on Monday, aims to deny the Kremlin of income while preventing a spike in price by maintaining the Russian oil supply in some markets.
In the past, Moscow has vowed to react by severing the oil supply to nations that uphold the price cap.
How Ukraine is putting it: Volodymyr Zelensky, the president of Ukraine, referred to the $60 price cap as a “weak position.”
“The logic is obvious: if the price limit for Russian oil is $60 instead of, for example, $30, which Poland and the Baltic countries talked about, then the Russian budget will receive about a hundred billion dollars a year,” Zelensky said in his nightly address on Saturday. “This money will go not only to the war and not only to Russia’s further sponsoring of other terrorist regimes and organizations.”
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