OPEC at the meeting on Sunday (12/4) is expected to stick to the targets it set for oil production.
OPEC is expected to meet its oil production targets at today’s meeting (04/12). The day before, the G7 and the European Union reached an agreement on a price cap for Russian oil.
In addition, OPEC, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western countries in October when it agreed to cut production by 2 million barrels per day, or about 2% of global production. From November to the end of 2023.
Furious in Washington about the decision of OPEC
Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia, despite Moscow’s war in Ukraine.
OPEC said it cut production due to a weaker economic outlook and oil prices have fallen since October due to slowing Chinese and global growth and higher interest rates. Ceiling decision Moscow responded
The Group of Seven nations and Australia agreed on Friday to a $60-per-barrel cap on the price of Russian offshore oil, in a bid to starve President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.
Moscow has said it will not sell oil below the ceiling and is studying how to respond.
What OPEC Analysts say about the Cap
Several OPEC analysts and ministers said the cap is complex and potentially ineffective because Moscow sells most of its oil to countries like China and India, which have refused to condemn the war in Ukraine.
Reuters quoted sources as saying that OPEC met via the Internet on Saturday without Russia and its allies and did not discuss the Russian oil price ceiling.
“We will keep production as it is,” one of the sources said today. The OPEC talks begin at 1:00 pm Greek time with a follow-up Joint Ministerial Advisory Committee (JMMC) meeting, which will be followed by the full ministerial conference.
