OPEC+ Eyes Cap On Russian Oil Sales During Annual Meeting| MENAFN.COM

Tuesday, 31 January 2023 07:18 GMT

OPEC+ Eyes Cap On Russian Oil Sales During Annual Meeting


(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Dec 4 (KUNA) -- The members of the OPEC+ alliance will be eyeing a decision to put a cap on Russian oil sales during their annual meeting held online Sunday.
The meeting comes at a time when the G7, EU, and Australia agreed on putting cap on Russian oil sale by sea at USD 60 per barrel as of December fifth.
According to oil analysts, OPEC+ will have to take a decision on whether to decrease production by half a million barrel a day in light of the global economic recession, which points towards a decrease in demand in the upcoming period.
The members of the alliance also could keep the decreased production levels agreed upon last October at two million barrels per day awaiting for international development connected with putting a cap on Russian oil price.
The recent developments will reflect negatively on the OPEC+ alliance, a group gathering OPEC members and countries from outside the organization including Russia.
The unstable economic situation in China and zero-Covid policy of the Chinese government might also affect oil prices especially that China was one of the world's largest energy suppliers.
The relative hike in oil prices in the last few days was attributed to rumors that OPEC+ wars gearing towards a decrease in production.
The price of the Brent crude went up to USD 85.43 per barrel on Thursday, while the West Texas Intermediate reached USD 80.55 pb. (end)
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