The Organization of the Petroleum Exporting Countries plus non-OPEC allies on Sunday agreed to move ahead with reducing oil production by 2 million barrels per day through 2023.
The group, OPEC+, made the decision to stick to its policy a day before a price cap on Russian oil set by the Group of 7 industrialized nations plus Australia went into effect Monday.
European Union diplomats agreed to cap the price of Russian oil traded outside the bloc at $60 per barrel (57 euros; 49 pounds).
The move is an effort to keep Russian oil available on the market but prevent Russia from profiting from its war of aggression against Ukraine.”
Most of the major shipping companies, creditors and insurers are in G7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, along with the EU.
