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OPEC+ to maintain oil output levels amid uncertainty over Russia price cap

Major oil-producing countries led by Saudi Arabia and Russia agree to maintain their current output levels at a meeting, ahead of fresh sanctions against Moscow coming into force, sources say.

AP

Oil prices have declined since October due to slower Chinese and global growth and higher interest rates.

OPEC+ has agreed to stick to its oil output targets, as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply.

The decision at a meeting on Sunday comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and some other nations including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2 percent of world demand, from November until the end of 2023.

OPEC+ argued it had cut output because of a weaker economic outlook. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates.

On Friday, G7 nations and Australia agreed a $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.

Moscow said it would not sell its oil under the cap and was analysing how to respond.