NEW YORK, NY (Newsource) – OPEC and its allies are sticking with their policy of curtailing oil output.
Sunday’s announcement came just hours before new western sanctions on Russian crude exports took effect.
Oil producers including Russia said they would continue to restrict supply by 2 million barrels per day. That policy started last month and is due to run through the end of 2023.
The move drew criticism from the United States because it would hurt low and middle-income countries with higher energy prices. Markets could be volatile in the coming days.
Europe’s ban on importing oil from Russia shipped by sea starts Monday. However, Russian authorities said Sunday that it will not export oil to countries that impose price caps even if production is cut.