OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy.
about the European Union's sanctions on the purchases of the Kremlin's seaborne crude exports on Dec. 5, while the prospect of a G-7 price cap on Russian oil is another source of uncertainty.
Concern that an outright ban on Russian crude imports could send oil prices soaring, however, prompted the G-7 to consider a price cap on the amount it will pay for Russian oil.Thursday that EU governments had tentatively agreed to a $60 barrel price cap on Russian seaborne oil. The energy alliance recently hinted it could impose deeper output cuts to spur a recovery in crude prices. This signal came despite a report from The Wall Street Journal suggesting an output increase of 500,000 barrels per day was under discussion for Sunday.
"There is so much uncertainty," Croft told CNBC's "Squawk Box" on Tuesday. OPEC delegates "have to factor in what happens with China but also what happens with Russian production."
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