Posted on

Amid Churning Oil Market, OPEC and Russia Leave Production Unchanged

Share

OPEC and its allies, including Russia, said on Sunday that they would leave their quotas for oil production unchanged. The group, known as OPEC Plus, appears to have decided during a teleconference that there was no reason to alter policy amid the many uncertainties in the oil market.On Monday, the European Union will begin an embargo on Russian oil, while the Group of 7 industrialized nations and their allies are imposing a price cap of $60 a barrel on Russian crude.The looming embargo and the price cap were the chief reasons for the producers’ group to hold its fire. What the outcome of these initiatives will be for oil markets is still to be determined, but they could affect millions of barrels a day of Russian oil. OPEC may have decided that it …

Read More