Reuters: OPEC+ Committee decides not to change its oil policy

The OPEC+ committee agreed to stick to its oil production targets at a meeting on Sunday, two OPEC+ sources told Reuters, as oil markets try to assess the impact of a slowing Chinese economy on demand and a Russian oil price cap by G7 countries on supply.

The decision came two days after the G7 agreed to a ceiling on Russian oil prices.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, sparked outrage from the United States and other Western nations in October when it agreed to cut production by 2 million barrels a day, about 2 percent of global demand, from November through the end of 2023.

Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite the conflict in Ukraine.

OPEC+ claimed it cut production because of a weakened economic outlook. Oil prices have fallen since October due to slowing Chinese and global growth and rising interest rates, prompting speculation in the market that the group could cut production again.

It's a postponement until the end of 2023, an OPEC+ source said after the group's key ministers made their decision. The full OPEC+ ministerial meeting continued at 12:10 p.m. GMT. On Friday, the G7 countries and Australia agreed to cap the price of Russian offshore oil at $60 a barrel to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to world markets.

Many OPEC analysts and ministers said the price cap was incomprehensible and probably ineffective because Moscow sells most of its oil to countries such as China and India.
OPEC held a virtual meeting without Russia and allies on Saturday and did not discuss a price ceiling on Russian oil, sources said.

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