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OPEC+ Keeps Oil Curbs Despite Russia Price Cap

The meeting of OPEC+ on Sunday, originally set for the OPEC headquarters in Vienna, took place remotely to avoid media scrutiny.Photo: Philipp-Moritz Jenne/Associated Press

OPEC+ agreed Sunday to stick to its oil-output targets two days after the Group of Seven nations agreed to a price cap on Russian oil, amid mounting concerns over new Covid-related lockdowns in China and lingering uncertainty over Russia’s ability to export crude.

During a virtual meeting, the Organization of the Petroleum Exporting Countries and the Russia-led bloc—a group collectively known as OPEC+—decided to maintain production cuts of 2 million barrels a day initially agreed to in October, OPEC said.

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