The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy.&nbsp;The announcement comes amid uncertainty as markets are trying to assess how a slowing Chinese economy will affect demand and how the recent price cap on seaborne Russian oil by EU and G7 nations will impact&nbsp;supply.&nbsp; 
 
The much-awaited decision came&nbsp;just two days after the Group of Seven (G7) nations agreed to a $60 per barrel price cap on Russian oil, even as many nations in Europe are battling an energy crisis.

The Organization of the Petroleum Exporting Countries (OPEC), which is a cartel of 13 countries, led by Saudi and allied producers including Russia, decided to stick to their course agreed upon in October of a production cut of two million barrels per day until the end of 2023.&nbsp;

In a statement, OPEC+ described the decision it took in October as one "which was purely driven by market considerations". The statement added that it had been "the necessary and the right course of action towards stabilizing global oil markets."&nbsp;

The move had angered the United States, who blamed the bloc and accused the leaders of siding with Russia despite Moscow's war in Ukraine.&nbsp;

The next OPEC+ ministerial meeting is scheduled for next year on June 4. But the alliance said it was ready to "meet at any time and take immediate additional measures" to address market developments and support the oil market if necessary.&nbsp;

According to OPEC+, its output was reduced as a result of a dimmer economic outlook. Because of slower Chinese and global growth as well as rising interest rates, oil prices have fallen since October, which has led the market to speculate that the group may reduce output once more.&nbsp;

(With inputs from agencies)&nbsp;

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The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy.

The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy. The announcement comes amid uncertainty as markets are trying to assess how a slowing Chinese economy will affect demand and how the recent price cap on seaborne Russian oil by EU and G7 nations will impact supply. The much-awaited decision came just two days after the Group of Seven (G7) nations agreed to a $60 per barrel price cap on Russian oil, even as many nations in Europe are battling an energy crisis. The Organization of the Petroleum Exporting Countries (OPEC), which is a cartel of 13 countries, led by Saudi and allied producers including Russia, decided to stick to their course agreed upon in October of a production cut of two million barrels per day until the end of 2023. In a statement, OPEC+ described the decision it took in October as one "which was purely driven by market considerations". The statement added that it had been "the necessary and the right course of action towards stabilizing global oil markets." The move had angered the United States, who blamed the bloc and accused the leaders of siding with Russia despite Moscow's war in Ukraine. The next OPEC+ ministerial meeting is scheduled for next year on June 4. But the alliance said it was ready to "meet at any time and take immediate additional measures" to address market developments and support the oil market if necessary. According to OPEC+, its output was reduced as a result of a dimmer economic outlook. Because of slower Chinese and global growth as well as rising interest rates, oil prices have fallen since October, which has led the market to speculate that the group may reduce output once more. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday (April 01) would yield output constraint in the face of resurgent COVID-19 infections in some regions.

World Business Watch: Oil gains ahead of OPEC+ meet on output policy

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year.

The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.

Despite a pick up in prices towards the end of last year, the market levels for black gold remain uncertain.

After their last summit, from November 30-December 3, the OPEC+ members agreed to increase production by half a million barrels per day in January.

Also at that meeting the 13 members of the OPEC cartel, led by Saudi Arabia, and their six allies, led by Russia, agreed to meet at the beginning of each month in order to decide on any adjustments to production volumes for the following month.

Russia and Saudi Arabia are respectively the second and third biggest oil producers in the world after the United States.

The decision illustrates OPEC's desire to maintain a strong influence on the oil market and the gravity of the situation for crude producers last year.

- 'Remaining demand uncertainty' -

Before the pandemic, OPEC members were content with two summits per year at the organisation's headquarters in Vienna.

"Finally, we saw a strong demonstration of OPEC+ will and capability to manage the market, laying the groundwork for Brent's recovery to over $50 per barrel despite remaining demand uncertainty in the market," JBC Energy analysts said in a statement.

The two contracts of reference, North Sea Brent Crude and&nbsp;West Texas Intermediate (WTI) crude both ended the week around the $50 per barrel level, far lower than the prices seen at the start of 2020 but well up on the lows seen last year.

In March, Moscow and Riyadh embarked on a brief but intense oil price war which led prices to plummet.

On April 20, West Texas Intermediate (WTI) crude collapsed to minus $40.32 per barrel -- meaning producers paid buyers to take the oil off their hands.

The climate between the two oil giants has eased since then, with the Russian and Saudi energy ministers meeting in mid-December in a display of unity.

It remains difficult, however, to predict the evolution in demand as governments begin rolling out vaccination programmes against the coronavirus.

Last month OPEC predicted a slight rebound in the market while noting continued uncertainties, particularly in the transport sector.

Despite the heft of the OPEC+ countries, countries outside the system have a major impact on the oil market; principally the United States which is still producing 11 million barrels of crude per day.

Even within its ranks, OPEC will have to pay attention to developments in the three members which have been granted exemptions from quotas -- Libya, Iran and Venezuela.

Libya's production had been almost wiped out by civil conflict but has spiked since October after the signing of a ceasefire deal.

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year.

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. Despite a pick up in prices towards the end of last year, the market levels for black gold remain uncertain. After their last summit, from November 30-December 3, the OPEC+ members agreed to increase production by half a million barrels per day in January. Also at that meeting the 13 members of the OPEC cartel, led by Saudi Arabia, and their six allies, led by Russia, agreed to meet at the beginning of each month in order to decide on any adjustments to production volumes for the following month. Russia and Saudi Arabia are respectively the second and third biggest oil producers in the world after the United States. The decision illustrates OPEC's desire to maintain a strong influence on the oil market and the gravity of the situation for crude producers last year. - 'Remaining demand uncertainty' - Before the pandemic, OPEC members were content with two summits per year at the organisation's headquarters in Vienna. "Finally, we saw a strong demonstration of OPEC+ will and capability to manage the market, laying the groundwork for Brent's recovery to over $50 per barrel despite remaining demand uncertainty in the market," JBC Energy analysts said in a statement. The two contracts of reference, North Sea Brent Crude and West Texas Intermediate (WTI) crude both ended the week around the $50 per barrel level, far lower than the prices seen at the start of 2020 but well up on the lows seen last year. In March, Moscow and Riyadh embarked on a brief but intense oil price war which led prices to plummet. On April 20, West Texas Intermediate (WTI) crude collapsed to minus $40.32 per barrel -- meaning producers paid buyers to take the oil off their hands. The climate between the two oil giants has eased since then, with the Russian and Saudi energy ministers meeting in mid-December in a display of unity. It remains difficult, however, to predict the evolution in demand as governments begin rolling out vaccination programmes against the coronavirus. Last month OPEC predicted a slight rebound in the market while noting continued uncertainties, particularly in the transport sector. Despite the heft of the OPEC+ countries, countries outside the system have a major impact on the oil market; principally the United States which is still producing 11 million barrels of crude per day. Even within its ranks, OPEC will have to pay attention to developments in the three members which have been granted exemptions from quotas -- Libya, Iran and Venezuela. Libya's production had been almost wiped out by civil conflict but has spiked since October after the signing of a ceasefire deal.

New Year OPEC+ meeting to decide production levels

Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite <a href="https://www.wionews.com/world/oil-producers-meet-to-discuss-output-amid-iran-tension-219851">massive output drops by Iran </a>and Venezuela.

"We see that (oil) inventories are rising and supplies are plenty," Saudi Energy Minister Khalid al-Falih told reporters at the start of a key meeting for oil producers in Jeddah.

"None of us wants to see the (oil) stocks swell again. We have to be cautious."

The United Arab Emirates' energy minister said there was no need to relax an OPEC+ deal to cut output by 1.2 million barrels per day to support prices.

"I don't think... that relaxing the cuts is the right measure" based on prevailing market conditions, Suheil al-Mazrouei told reporters.&nbsp;

"We have seen inventory building. I don't think it makes sense (to alter the existing deal)."&nbsp;

The statements by the two ministers send a clear message that OPEC and its allies appear poised to roll over the output cuts deal for another six months.

The OPEC+ producers, which include Russia, control more than half of the world's crude oil production.

Oil exporting countries have been under pressure from Washington to ramp up production to compensate for plunging Iranian exports amid US sanctions on Tehran, but are fearful that such a move could send prices plunging.

"The picture is foggy," warned Falih.&nbsp;

"It is crucial that we don't take hasty decisions", he said. "We should keep inventories under control."

"This complexity and intensity will continue to mount while the sheer range of issues impacting our business is pulling the oil market in multiple opposing directions," Falih said.

Sunday's meeting comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline -- the latter claimed by Iran-aligned Yemeni rebels.

"We have strong (oil) industry security... everybody is vulnerable to extreme acts of sabotage," Falih said.

The meeting will not take decisions on oil output but will make recommendations to another crucial ministerial meeting set to take place in Vienna next month.

OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela.

OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela. "We see that (oil) inventories are rising and supplies are plenty," Saudi Energy Minister Khalid al-Falih told reporters at the start of a key meeting for oil producers in Jeddah. "None of us wants to see the (oil) stocks swell again. We have to be cautious." The United Arab Emirates' energy minister said there was no need to relax an OPEC+ deal to cut output by 1.2 million barrels per day to support prices. "I don't think... that relaxing the cuts is the right measure" based on prevailing market conditions, Suheil al-Mazrouei told reporters. "We have seen inventory building. I don't think it makes sense (to alter the existing deal)." The statements by the two ministers send a clear message that OPEC and its allies appear poised to roll over the output cuts deal for another six months. The OPEC+ producers, which include Russia, control more than half of the world's crude oil production. Oil exporting countries have been under pressure from Washington to ramp up production to compensate for plunging Iranian exports amid US sanctions on Tehran, but are fearful that such a move could send prices plunging. "The picture is foggy," warned Falih. "It is crucial that we don't take hasty decisions", he said. "We should keep inventories under control." "This complexity and intensity will continue to mount while the sheer range of issues impacting our business is pulling the oil market in multiple opposing directions," Falih said. Sunday's meeting comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline -- the latter claimed by Iran-aligned Yemeni rebels. "We have strong (oil) industry security... everybody is vulnerable to extreme acts of sabotage," Falih said. The meeting will not take decisions on oil output but will make recommendations to another crucial ministerial meeting set to take place in Vienna next month.

Saudi, UAE see sufficient oil supplies, rising stocks

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OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis

World Business Watch: Oil gains ahead of OPEC+ meet on output policy

New Year OPEC+ meeting to decide production levels

Oil prices hold above $63 on trade talk optimism, OPEC

Saudi, UAE see sufficient oil supplies, rising stocks