Moscow’s threat to suspend deliveries to countries that adhere to the price cap would put it “in some very uncomfortable positions”, said OANDA analyst Craig Erlam: “between losing access to cheap Russian crude or facing G7 sanctions”. to select”.
UniCredit analyst Edward Moya said the choice of a virtual OPEC+ meeting, rather than an in-person conference at its Vienna headquarters, suggests a policy rollover.
But “deeper oil production cuts” cannot be ruled out at this stage.
Two global crude benchmarks remained near their lowest levels in the year, off their March peaks, amid rising inflation and fears of weak energy demand from China due to Covid-related restrictions.
Since the group’s last meeting in early October, Brent North Sea oil and its US counterpart, WTI, have lost more than six per cent of their value.