OPEC+ Keeps Policy Unchanged

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, as oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil supply.
The decision comes two days after the Group of Seven nations agreed to a price cap on Russian oil, S&P Global reported.
OPEC+, which comprises the Organization of 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.
Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine.
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, prompting market speculation the group could cut output again.
But on Sunday the group of oil producers decided to keep the policy unchanged. Its key ministers will next meet on Feb. 1 for a monitoring committee while a full meeting is scheduled for June 3-4.
On Friday, G7 nations and Australia agreed to a $60 per barrel price cap on Russian seaborne crude oil that Moscow has rejected.