MONITORING DESK
VIENNA: Major oil-producing nations led by Saudi Arabia and Russia at a meeting on Sunday looked ready to maintain their current oil output levels ahead of the latest sanctions against Russia to be imposed.
OPEC+’s Joint Ministerial Monitoring Committee (JMMC) started their meeting on Sunday, a source told AFP.
The Organization of Petroleum Exporting Countries (OPEC), comprised of 13 members, will hold consultation with 10 other oil-producing countries, including Russia – collectively known as OPEC+ – to review their decision to cut petroleum production by up to two million barrels per day.
On Friday, the G7, EU, and Australia agreed to a 60 US dollar per barrel price cap on Russian petroleum products, which will come into force on Monday.
Russia denounces oil price cap
Meanwhile, on Saturday, Russia condemned the incoming price cap and warned to suspend deliveries to any country that adopted the latest measure; Ukraine suggested the price cap should have been set lower.
For OPEC+, the big unidentified in the oil equation is how strongly the latest sanctions will affect the Russian supply.
Russia threatens to suspend deliveries
Moscow’s threat to suspend deliveries to countries abiding by the EU’s price cap would put “some countries in a very disturbing position,” OANDA analyst Craig Erlam said.
