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OPEC+ wants to keep oil production under control

Posted by William Blake on December 05, 2022 William Blake


OPEC+ remains true to its principles. Sunday's announcement by OPEC+ and OPEC+, a strong 24-member cartel of oil-producing countries, that they will adhere to...

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On Sunday, the 24-member strong cartel of oil-producing nations OPEC and OPEC+ announced they will adhere to the plan they agreed to in October and continue to restrict supply by 2 million barrels a day. The commitment comes just after Ukraine-aligned G7 nations announced a price cap on oil from OPEC+ member Russia for refusing to holster its guns.

Oil markets remain ever-sensitive to seismic world events and geopolitics -- and, yes, that includes war and pandemics. Renewed lockdowns in China have sent a shiver down OPEC's gold-plated spine, playing a major role in a roughly 13% dropoff in oil prices in the past month. Exacerbating the slide is the $60 per barrel price cap imposed on Russian exports by the G7 as a retaliatory maneuver that extends to all European Union nations and is designed to deprive Moscow of much-needed oil revenue without completely dismantling the global supply chain.

OPEC estimates that Russian oil exports are likely to fall by more than 1 million barrels a day. The cartel says that it isn't meeting to review its production until June but remains ready to "meet at any time and take immediate additional measures to address market developments."

The business latest news are full of political and social developments from around the world as leaders struggle to respond to this unprecedented crisis. It is an uncertain time, but it is also a time of resilience, creativity, and progress as governments and citizens work together to find solutions.

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