OPEC+ to keep oil policy unchanged in review talks

OPEC+ to keep oil policy unchanged in review talks

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On Friday, G7 countries and Australia agreed a $60 per barrel price cap on Russian marine crude to deny President Vladimir Putin revenue while keeping Russian oil flowing to global markets.

Moscow said it would not sell its oil under this limit and is analyzing how to respond.

Many analysts and OPEC ministers have said the price cap was confusing and perhaps inefficient because Moscow is selling most of its oil to countries such as China and India, which have refused to condemn the war in Ukraine.

Sources said OPEC met on Saturday without allies like Russia and discussed mostly administrative matters. The ministers did not discuss the Russian price range.

Five OPEC+ representatives said on Saturday that the OPEC+ meeting on Sunday would approve the policy rollover.

On Friday, two separate OPEC+ sources said further production cuts were not completely off the table given concerns about economic growth and demand.

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