Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting on Sunday.
Amid economic gloom fuelled by soaring inflation and fears of China's weaker energy demand, the two global crude benchmarks remain close to their lowest level of the year.VIENNA - Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting on Sunday, ahead of fresh sanctions against Moscow coming into force.
On Friday, the EU, G7 and Australia agreed a $60-per-barrel price cap on Russian oil, which will come into effect on Monday or soon after, alongside an EU embargo on maritime deliveries of Russian crude oil. While Russia denounced the incoming price cap on Saturday, threatening to suspend deliveries to any country that adopted the measure, Ukraine suggested the cap should have been set even lower."The uncertainty for Russian supply is significant", DNB analysts said. OPEC would therefore"aim for a low-profile meeting that leaves existing production quotas unchanged".
Since the group's last meeting in early October, Brent North Sea oil and its US equivalent, WTI, have lost more than six percent of their value.
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