Financial TimesFinancial Times

Opec+ says ready to adjust oil output as Russia embargo looms

By David Sheppard and Tom Wilson

04 Dec 2022 · 3 min read

Editor's Note

Analysts say it made sense for Opec+ to stay the course on output policy before the full impact of the West's sweeping bans on Russian oil exports becomes clear. The Financial Times has the latest.

Opec and its allies vowed on Sunday to stand ready to take “immediate” action to stabilise global oil markets a day ahead of the start of sweeping new western restrictions on Russia’s oil exports.

Opec+, which is led by Saudi Arabia and Russia, decided not to make any immediate changes to the group’s production targets, but said the oil producers’ cartel was ready to “meet at any time” and could “take immediate additional measures”.

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