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OPEC+ decides to maintain oil output targets, keep policy unchanged

OPEC+ decides to maintain oil output targets, keep policy unchanged

Arab Finance: OPEC+, which comprises members of the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, agreed in its meeting held on November 4th to maintain its oil output targets and to keep the policy unchanged, Reuters reported.

The decision took into consideration the oil markets’ obstacles in evaluating the impact of slowing economy in China on demand as well as the approved price cap by the Group of Seven (G7) and its alliance on Russian crude.

On December 2nd, the G7, the European Union (EU), and Australia agreed to setting the price cap on Russian crude oil traded by companies shipping oil to third countries at $60 per barrel (pb).

On October 5th, OPEC+ decided to cut oil production by 2 million barrels per day (bpd) of output, which accounts for 2% of global supply.

It is worth noting that OPEC+ made this decision during its meetings held in Vienna on December 3rd and 4th.

 

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