OPEC+ will keep oil production curbs, even with Russia's price cap
OPEC+ announced on Sunday that it would be locking in current oil production levels, which hints that the world's leading oil producers may be unsure about the direction of crude prices.
This decision lets OPEC and other oil producers be led by Russia to assess the market impact of an EU and Group of Seven price cap, the Wall Street Journal reports. The price cap is intended to limit the income to Russia which in turn theoretically could alter their strategy and persistence in their war against Ukraine.
This cap is set to go into effect on Monday, giving oil traders and energy officials a chance to see how this decision will impact the market.
Chinese President Xi Jinping is expected to travel to Saudi Arabia on Thursday to partake in discussions between the world's largest oil importer and the largest oil exporter.
According to the Wall Street Journal, Saudi Arabia is expected to announce its prices for spot-market customers in Europe, Asia and the U.S. on Monday.