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OPEC+ Ministers Stick to Cutting Plan Amid Oil-Demand Uncertainty
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A panel of OPEC+ energy ministers Wednesday said the group of petrostates would continue cutting oil production, amid uncertainties about demand in China and the impact of sanctions on Russian crude supplies.
Maintaining the status quo will allow the Organization of the Petroleum Exporting Countries and a group of producers led by Russia—collectively known as OPEC+—to take more time to assess consumption data from China, the world’s biggest oil importer, and determine how a resurgence of Covid-19 cases there and European Union sanctions on Moscow have affected demand.
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