Categories: Business

OPEC+ maintains status quo on output amid fresh price cap on Russian oil


Sun, 2022-12-04 14:29

RIYADH: The Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, has agreed to roll over its existing output policy, just a day after the Group of Seven nations decided to put a price cap on Russian energy supplies.  

The decision was made at the 34th OPEC and non-OPEC Ministerial Meeting, which was held virtually, on Dec. 4, 2022.  

Earlier in October, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November until the end of 2023.  

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