OPEC Plus Awaits the Start of New Russian Oil Sanctions
The world’s major oil producers, led by the two energy battle allies against the West, Russia and Saudi Arabia, decided on Sunday to maintain the OPEC production cap at the same level established after their previous controversial decision to cut production.
The oil-producing countries negotiating on production levels have considered the potential developments resulting from the implementation of the price cap on Russian oil transactions starting Monday. Additionally, it is clear that new data on global economic interactions indicate a slowdown in economic growth, a lack of heating up in the oil market, and consequently, no significant increase in demand.