The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia.
at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine: a European Union boycott of most Russian oil, and a price cap of $60 per barrel on Russian exports imposed by the EU and the Group of Seven democracies.
That uncertainty is the reason the OPEC+ alliance gave in October for slashing production by 2 million barrels per day starting in November, a cut that remains in effect. Analysts say that took less than the full amount off the market since OPEC+ members already can't meet their full production quotas.
To prevent a sudden loss of Russian crude, the price cap allows shipping and insurance companies to transport Russian oil to non-Western nations at or below that threshold. Most of the globe's tanker fleet is covered by insurers in the G-7 or EU.
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