OPEC+ may further cut crude oil output

Faced with falling oil prices, a Western cap on Russian oil prices and an embargo on Russian crude, the major oil producers, known as OPEC+, are expected to stick to their current output strategy and go even further to cut production when they meet on Dec. 4.

According to reports, at the last ministerial meeting held in October, OPEC+, the Organization of the Petroleum Exporting Countries led by Saudi Arabia, and a number of non-OPEC oil producers led by Russia agreed to cut production by 2 million barrels per day from November.

According to reports, after Poland agreed, the 27 EU member states reached an agreement on December 2 to set a price ceiling of US$60 per barrel for Russian oil exports. Since then, the G7 and Australia also agreed on the same day to set a price ceiling of US$60 per barrel for Russian oil exports. This measure will take effect on December 5 at the earliest.