OPEC+ will keep oil production curbs, even with Russia’s price cap – IOTW Report

OPEC+ will keep oil production curbs, even with Russia’s price cap

JTN– 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.  MORE


7 Comments on OPEC+ will keep oil production curbs, even with Russia’s price cap

  1. Good thing The US armed ,many of them with F-15’s & F-16’s and a bunch of other shit.

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  2. More arrogant dumbassery from midwits which will not only have no effect on Russia’s prosecution of the war but will also backfire on the EU and the Group of Seven. The rest of the world is watching, and it will not be impressed at all. The west is hemorrhaging credibilty, respect and trust with stunts like this.

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  3. “Dec 5 (Reuters) – Russia’s ESPO oil blend from the Far Eastern port of Kozmino was selling for around $79 a barrel in Asian markets on Monday – almost a third higher than the price cap imposed on Russian oil by the G7 and European Union – according to Refinitiv data and estimates from industry sources.”

    https://www.reuters.com/business/energy/russian-oil-selling-79barrel-asia-monday-well-above-price-cap-2022-12-05/

    … but Russia is going down, you just wait and see. Down, I tell you, DOWN.

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  4. Let me see if I have this right: The same people who have no idea where all of the money and weapons they send to Ukraine ends up are going to take down Russia by micromanaging the entire world oil market. Am I close?

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  5. Brilliant idea! Brilliant I say.

    I tried this today. I went in to get new tires and I TOLD them, “I will not pay more than $60/tire”.” They thought I was kidding. Then they laughed and said, “so you’re not getting tires today, are you.”

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