The Macomb Daily

No OPEC+ oil shakeup as price cap stirs uncertaint­y


FRANKFURT, GERMANY >> The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertaint­y about the impact of new Western sanctions against Russia that could take significan­t amounts of oil off the market.

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia’s oil earnings in response to its invasion of Ukraine. Those are: a European Union boycott of most Russian oil and a price cap of $60 per barrel on Russian exports imposed by the EU and the Group of Seven democracie­s.

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