OPEC+ agrees to keep output levels unchanged
Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. OPEC+ described its October decision to cut as one "which was purely driven by market considerations", adding that it had been "the necessary and the right course of action towards stabilising global oil markets", a statement said. Moscow's threat to suspend deliveries to countries abiding by the price cap will put "some in a very uncomfortable position", said OANDA analyst Craig Erlam: "Choosing between losing access to cheap Russian crude or facing G7 sanctions". Moving forward, OPEC+ might still feel compelled to adopt "a more aggressive stance" by cutting or threatening to cut production, UniCredit analyst Edoardo Campanella said. "Russia might also retaliate by leveraging its influence within OPEC+ to push for more production cuts down the road, thus exacerbating the global energy crisis," he added.
OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
Discover Related
Why are falling oil prices bad news for Vladimir Putin?
Fall in oil prices poses risk to Russian economy, TASS cites central bank chief
Oil prices plunge amid US-China trade conflict, fuels recession fears
Oil Advances as Traders Weigh Trump’s Threat to Russian Crude
Is India firmly positioned to manage U.S. sanctions on Russian oil?
‘Pissed with Putin,’ DonaldTrump threatens tariffs on Russian oil buyers; India, China in crossfire
‘There Will Be Bombing’: Trump Warns Iran Over Nuclear Deal; Says He’s ‘Pissed Off’ At Putin
Trump threatens secondary tariffs on Russian oil if unable to make deal on Ukraine, says he is ‘angry at Putin’
Trump Says He’s ‘Very Angry’ With Putin, Threatens Oil Penalties
Trump ‘angry’ with Putin and threatens tariffs on Russian oil over Ukraine
Why refining margins stayed subdued in FY25. Hint: Shrinking Russian discounts
Russian oil freight rates from Baltic ports to India ease as more Western shipowners return
Trump tariffs on Venezuela crude buyers are a potent new tool of US pressure
Oil prices rise for second consecutive week on expected tighter supply
European Gas Erases Gains as Traders Assess Transit Point Attack
Russia touts economic opportunities. Western companies are wary.
Rupee rises 25 paise to 86.80 against U.S. dollar in early trade
Oil delivery by Russia takes 7 times longer due to sanctions by the West
US Quietly Tightens Russia Sanctions as It Seeks Ceasefire Deal
IEA says trade tensions weigh on oil demand, warns of supply surplus
India purchased Rs 1.5 lakh crore worth of Russian oil since Ukraine war: Report