OPEC+ countries did not increase production against the background of the introduction of a price ceiling

The Alliance upheld the current plan to reduce oil production by 2 million barrels. per day. The decision was made against the backdrop of an unstable market situation, including due to the entry into force of the embargo and the oil price ceiling.From RUSSIA

OPEC+ has decided to maintain the current oil production plan, which provides for a 2 million barrel per day (bpd) reduction in production from November. This follows from the final communiqué, which is published on the group's website.

The document notes that OPEC + members confirm their readiness to hold meetings at any time and take the necessary additional measures in response to the market situation. The next meeting of the alliance will take place on June 4, 2023, follows from the communiqué.

The OPEC+ countries made the decision against the backdrop of the suspension of Chinese purchases of Russian oil and the entry into force of EU sanctions, BLOOMBERG notes. Deputy Prime Minister of Russia Alexander Novak said that the current plan was kept to "stabilize the situation on the market."

The last time OPEC+ cut oil production in November was by 2 million barrels per day. According to Novak, this decision was necessary to balance the market before the seasonal decline in demand. At the same time , the United States (which also produces oil, but is not a party to the OPEC + deal) believed that this decision was unreasonable.

According to REUTERS, OPEC+ planned to assess the impact on the world market of EU sanctions against oil from Russia, which will come into force on December 5, at the meeting. Sources of the agency and TASS claim that restrictive measures were not discussed.

The European Commission published clarifications on the introduction of a ceiling on oil prices Politics

On December 5, EU sanctions will come into force , prohibiting the sea EXPORT of Russian-made oil. At the same time, the EU countries, the US and the UK will prohibit insuring, financing and providing vessels for the transport of Russian oil, except in cases where the cost of supplies is below the established limit. In early December, the price ceiling was agreed at $60 per barrel.

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The Russian side has repeatedly stated that it will not supply energy to countries that will introduce a ceiling on them. Novak said that Russia would redirect supplies to market-oriented partners or cut production. Against the background of the introduction of the oil price ceiling, Russia bought more than a hundred tankers for deliveries to India, CHINA and Turkey, the Financial Times reported, citing ship brokers and analysts.

Specialists interviewed by The New York Times said that against the backdrop of the EU oil embargo, OPEC + will take a wait-and-see attitude due to the uncertainty of the situation. At the same time, they noted the group's determination to cut production if necessary to support prices.