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12/4/2022, 1:26 PM (Source: TeleTrader)
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OPEC+ keeps oil policy unchanged - report

The Organization of Petroleum Exporting Countries (OPEC) and its Russia-led allies (OPEC+) on Sunday decided to keep their output targets unchanged, despite the price cap on Russian crude that was imposed by several Western nations earlier in the week, Energy Intelligence's Amena Bakr reported.

The move, believed to be the safest option for the organization, will give the group time to assess the market amid uncertainty over the $60 per barrel price ceiling, which Russia already brushed off. All delegates voted in favor of keeping the policy as is, with no objections.

At their last meeting, the members decided to limit production by 2 million barrels per day, which sparked disagreements between the United States and Saudi Arabia, with the US accusing Riyadh of making the move to back Moscow's attack on Ukraine.

Baha Breaking News (BBN) / NL