OPEC+ agreed to keep its oil production targets at a meeting this Sunday (4), as oil markets struggle to assess the impact of the Chinese economic slowdown on demand and the cap on the price of Russian oil by the G7.
The decision comes two days after the countries of the Group of Seven (G7) agreed with the establishment of a price cap for Russian oil.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels a day, about 2 million barrels a day. % of world demand, from November to the end of 2023.
Washington has accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s war in Ukraine.
OPEC+ argued that it cut output because of a weaker economic outlook. Oil prices have been retreating since October on slower growth in China and globally and higher interest rates, leading to market speculation that the group could cut production again.
But on Sunday the group of oil producers decided to leave the policy unchanged. Key ministers from the organization will meet on February 1st for a monitoring committee, while a full meeting is scheduled for June 3rd and 4th.
Source: CNN Brasil
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