OPEC+ keeps oil curbs despite Russia price cap, WSJ reports

OPEC+ said Sunday it would keep output steady ahead of a momentous week in global energy markets, as wealthy nations impose a price cap on Moscow’s petroleum exports, the European Union launches a ban on Russian oil, and Chinese leader Xi Jinping visits Saudi Arabia, The Wall Street Journal’s Benoit Faucon and Summer Said report. The decision on Sunday allows 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 the market impact of a European Union and Group of Seven price cap of $60 a barrel on Moscow’s oil intended to slow down the revenue stream for the Ukraine war. It locks in a 2 million-barrels-a-day production cut decided in October, the authors note. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).Reference Link