In review talks, according to sources that OPEC+ would maintain its current oil policy

OPEC+ would maintain its current oil policy

OPEC+ will likely stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after the Group of Seven (G7) nations agreed a price cap on Russian oil.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.

Despite Moscow's involvement in the conflict in Ukraine, Washington accused the organization and one of its leaders, Saudi Arabia, of siding with Russia.

Oil prices have fallen since October as a result of slower Chinese and global growth as well as increased interest rates, according to OPEC+, which claimed it reduced supply owing to a bleaker economic outlook.

In an effort to deny Russian President Vladimir Putin of money while maintaining the flow of Russian oil to international markets, the G7 countries and Australia agreed on Friday to a $60 per barrel price restriction on Russian seaborne crude oil.

Moscow declared that it would not sell its oil under the limit and that it was considering its options.

Given that Moscow has been selling the majority of its oil to nations like China and India, who have refrained from denouncing the conflict in the Ukraine, many experts and OPEC ministers have said that the price cap is unclear and possibly ineffective.

According to reports, OPEC virtually convened on Saturday without partners like Russia and largely addressed administrative issues. The Russian pricing cap was not brought up by the ministers.

Five OPEC+ representatives predicted on Saturday that a policy rollover would probably be approved at the OPEC+ meeting on Sunday.

Two different OPEC+ sources stated on Friday that a further output cut was still possible given worries about demand and economic development.

The Joint Ministerial Monitoring Committee (JMMC) panel meeting and the full ministerial conference are the first two events of the OPEC+ summit on Sunday at 1100 GMT.

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