VIENNA (SNN TV) – OPEC and its allies are sticking with their policy of curtailing oil output. Sunday’s announcement comes just hours before new western sanctions on Russian crude exports come into force.
Oil producers, including Russia, said they would continue to restrict supply by 2 million barrels per day. That policy started last month and is due to run through the end of 2023
The move drew criticism from the United States because it would hurt low and middle-income countries with higher energy prices. Markets could become volatile in the coming days.
Europe’s ban on importing oil from Russia shipped by sea starts Monday. However, Russian authorities said Sunday that Russia will not export oil to countries that impose price caps, even if production is cut.