Saudi Arabia and its partners will continue to hold output at levels set late last year. Oil was steady, holding near $US85 a barrel.
An OPEC+ committee recommended keeping crude production steady as the oil market awaits clarity on demand in China and supplies from Russia., when they announced a hefty cut of 2 million barrels a day to balance markets amid a fragile economy, according to a statement.
“Everyone agrees that the situation is quite stable on the market,” Russian Deputy Prime Minister Alexander Novak, who represents the country at OPEC+ meetings, told the Rossiya 24 TV channel. “Of course, we see a large number of uncertainties” ranging from inflation and interest rates to Chinese demand.
The status-quo recommendation from the OPEC+ Joint Ministerial Monitoring Committee at its online session on Wednesday was widely anticipated and caused little reaction in crude prices. Brent crude futures were little changed near $US85 a barrel near 10am in New York.China’s decision to scrap almost three years of stringent COVID-19 lockdowns has spurred a travel revival in the world’s biggest oil importer.
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