OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions

[Beachnutt]

cnbc
The European Union is poised to ban all imports of Russian seaborne crude from Monday.
The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.
Oil prices have fallen to below $90 a barrel from more than $120 in early June ahead of potentially disruptive sanctions on Russian oil
An influential alliance of oil producers on Sunday agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.

OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023
snip
https://www.cnbc.com/2022/12/04/opec-meeting-oil-producer-group-in-focus-ahead-of-russia-sanctions.html

Hopefully the world will ramp up ev and hydrogen vehicle production and Opec can drink their oil.

[Hiawatha Pete]

1. And invest in public transit