Permalink EU and US play hardball with 'price cap': OPEC+ may cut oil production

Elena Panina (Елена Панина) | OPEC+ will hold its own meeting in Vienna the day before the $60 "price ceiling" on Russian oil agreed by the EU, the US and other G7 countries is due to come into effect. On December 4, experts believe, a reduction in black gold production will be worked out. 🇸🇦 At the end of November, Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC+ was ready to step in with further supply cuts if needed to balance supply and demand. One of the reasons cited was the sharp rise in COVID diseases in China, which could affect the pace of its economy.  At the beginning of October, OPEC+ agreed to cut production by 2m bpd from November. This happened despite calls from the US to increase production.  Jeff Curry, Head of Global Commodities at Goldman Sachs, stated on November 29 that high inflation in USA and other factors make medium-term oil outlook for 2023 "very positive" and the bank is guided by forecasted Brent price of $110.  Recall that Russia's position is very simple: our country will not sell oil at all to price caps of $60 or $100.  The consequence of the "price ceiling" may be the actual division of the global oil market in two - Asian buyers will focus on Russian oil at a discount acceptable to Russia, while the G7 and their acolytes, cutting themselves off from Russian oil, will buy expensive Arabian oil in conditions of the deficit created by them themselves.

Russia won’t accept oil price cap – Kremlin (12/03/22)


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