OPEC+ countries maintained oil production plan

The OPEC+ countries have decided to keep the current oil production plan, which provides for a reduction in production by 2 million bpd. The next ministerial meeting is scheduled for June 4.

The decision not to change the parameters of the deal was made a few days after the European Union approved the price ceiling for Russian oil at $60 per barrel, and the G7 countries and Australia approved it. This topic, according to Reuters sources, was not discussed either at yesterday's meeting of OPEC ministers, or at today's meeting of OPEC+ ministers.

Deputy Prime Minister Alexander Novak said that now the oil market is in better condition than two months earlier, but there are uncertainties, including against the backdrop of the coronavirus outbreak in China. Russia, according to the Deputy Prime Minister, is working on mechanisms to avoid deliveries to countries that will introduce a price ceiling.

The meeting of the OPEC+ monitoring committee will be held on February 1. The OPEC+ ministerial meeting is scheduled for June 4.

• OPEC+ countries agreed to cut oil production by 2 million b/d in October. Saudi Arabia and Russia insisted on these parameters. Then Washington expressed its disappointment with the "short-sighted decision of OPEC +" and promised intervention from state oil reserves.

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The embargo on the supply of Russian oil to the EU comes into force on December 5 - Russia will have to look for new buyers for 1 million barrels per day, which are still supplied to Europe. On Friday evening, the Europeans finally agreed on a crucial accompanying measure, a ceiling on Russian oil prices that Chinese and Indian companies are supposed to comply with if they want to retain access to European insurers and shipping companies. The ceiling will save the market from a price shock that could otherwise come from December 5, but it will not be able to significantly limit Russian oil and gas revenues. Read more about it in The Bell's final mailing list .