OPEC+ will likely stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after the Group of Seven (G7) nations agreed a price cap on Russian oil.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day , about 2% of world demand, from November until the end of 2023.
OPEC+ argued it had cut output because of a weaker economic outlook and oil prices have declined since October due to slower Chinese and global growth and higher interest rates.$60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.
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