OPEC Plus awaits the start of new oil sanctions on Russia
The world’s major oil producers, led by two allies in the energy battle against the West, namely Russia and Saudi Arabia, decided on Sunday to keep the OPEC production ceiling at the same level established after their controversial previous decision to cut production.
The oil-producing countries, which negotiate over production levels in this process, have considered the potential developments resulting from the implementation of a price cap for trading Russian oil starting Monday. Additionally, it is clear that new data on global economic interactions indicate a slowdown in economic growth, a lackluster oil market, and consequently, no significant increase in demand.