Oil up 3% on OPEC+ output plans and price cap on Russian crude

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day (bpd) from November through 2023."The decision ... is not a surprise, given the uncertainty in the market over the impact of the Dec. 5 EU Russia crude oil import ban and the G7 price cap," said Ann-Louise Hittle, vice president of consultancy Wood Mackenzie.

from Commodities-Markets-Economic Times
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