Opec+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply.
The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil, which takes effect on Monday.
Opec+, which comprises the Organization of the Petroleum Exporting Countries (Opec) and allies including Russia, angered the US and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2 per cent of world demand, from November until the end of 2023.
