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”.
The group’s online meeting came a day ahead of what will be one of the most dramatic shifts in global oil markets in decades, when the EU will bar seaborne Russian oil imports in retaliation for Moscow’s invasion of Ukraine.
At the same time G7 leaders have agreed to launch a so-called price cap that aims to keep Russian oil flowing to countries such as India and China to avoid creating widespread shortages, but only if the crude is sold at less than $60 a barrel to crimp Moscow’s revenues.