OPEC sticks with supply cuts as West tightens sanctions on Russian oil ...Egypt

London CNN Business — OPEC and its allies decided Sunday to stick with their existing policy of curtailing oil output, just hours before new Western sanctions on Russian crude exports come into force. The Organization of the Petroleum Exporting Countries, and other major oil producers including Russia, said they would continue to restrict supply by 2 million barrels per day, a policy set in October that started last month and is due to run through the end of 2023. In a statement, OPEC said Sunday’s meeting — held via video conference — had reaffirmed the decision taken in October, adding that the group was ready to meet at any time to “address market developments if necessary.” The cuts

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Last updated : 04 Dec 2022 clock 05:24 PM

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OPEC sticks with supply cuts as West tightens sanctions on Russian oil ...Egypt

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