OPEC+ Keeps Oil Curbs Despite Russia Price Cap

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.