OPEC+ is meeting to decide on oil output in light of slowing demand from China and an impending price cap on Russian oil
A weekly must-read of news, analysis and exclusive data focused on the intersection of business, money and climate.Illustrating the uncertainty, OPEC delegates and analysts said members of the group have been discussing three scenarios—keeping production the same, cutting output a little or even raising levels..
Oil prices fell on Friday after the EU agreed to the cap, suggesting traders don’t feel the mechanism will force much Russian oil out of the market and cause a supply issue. Russian crude has traded at a steep discount this year, with Argus Media, which assesses commodity prices, pegging the price at about $48 a barrel.
The U.S. and its allies set a price cap on Russian oil to stem revenues but some fears it could cause a disruption in global supply.However, there are concerns that the cap—combined with an EU embargo on Russian oil that also begins Monday—could severely disrupt supplies. Russian officials have repeatedly threatened to cut off oil exports in response to the cap, arguing that the sanction distorts market dynamics and could lead to a major increase in global prices.
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