Oil, OPEC+ does not touch production levels on the eve of the European ban on Russian crude oil
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MILAN – No changes to oil production levels by the OPEC+ cartel, the group of crude oil producing countries headed by Saudi Arabia and expanded to include Russia.
In its Sunday meeting, OPEC+ agreed to maintain current production levels and signaled it would assess the impact of new Western restrictions on Russian oil exports before reviewing its output, sources quoted by the OPEC+ as saying. Financial Times.
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The decision comes on the eve of the entry into force of theembargo on oil produced by Moscow and exported by ship decided from Europe, which starts precisely on Monday 5 December. A deadline which – reports the City newspaper – casts new uncertainty on the global crude oil market. A trap that travels in parallel with the one agreed at the G7 and which concerns the so-called price cap for Russian oil. A price cap mechanism which, by forbidding European companies from insuring ships transporting Muscovite crude to other countries such as India and China if the price of their cargo exceeds 60 dollars a barrel, effectively intends to cut Russian cargoes out of the global chessboard. The decision to confirm the status quo, widely expected by the market, is justified in particular by the “uncertainty about the impact of the new package of sanctions on Russian crude oil production”, commented Giovanni Stauvono, analyst at UBS.
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A move that has drawn the ire of the Kremlin. Russia is in fact working on the possibility of banning oil supplies subject to a price cap imposed by the West. According to the Russian Deputy Prime Minister, Alexander Novakand is reported by Guardian the line would be to work “on mechanisms to prohibit the use of a tool such as the price cap, regardless of the established level, because such interference could further destabilize the market,” said Novak. Moscow believes that the price cap “is not a market instrument” and that “it is contrary to all the rules”, therefore “we will sell oil and petroleum products to those countries that will work with us at market conditions, even if we will have to way to reduce production,” Novak added.
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OPEC+ at its October meeting had decided to cut production by 2 million barrels a day, a move that had sparked the wrath of the White House which accused the cartel of operating in support of Russia by trying to keep price levels high. The Brent, the reference barrel for the European market, stood on Friday at 87 dollars a barrel, in line with October prices and well below the 120 dollars which it was close to at the beginning of summer. The price of a barrel of crude oil Urals (Russian) is currently hovering around $65, just above the $60 ceiling, implying a limited short-term effect.
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