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OPEC Plus Sticks to Production Strategy
The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.
Russia will not export its oil under the price cap, even if it has to cut production, Russian Deputy PM Alexander Novak said. / Picture: © Wikimedia Commons, Government.ru, CC BY 4.0
The major oil-exporting countries are leaving current production levels unchanged. At an online conference, the OPEC+ oil alliance said it had confirmed its decision in October to produce two million barrels (159 liters each) less per day until the end of 2023.
Uncertainties in the market are currently considering, it said. The grouping of 23 countries announced its decision a…
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