Alwaght- OPEC and non-OPEC oil producers could introduce deeper oil output cuts on Sunday, energy analysts said, as the influential energy alliance weighs the impact of a pending ban on Russia’s crude exports and a possible price cap on Russian oil.
The 23-member alliance of oil producers is set to meet Sunday to make decisions for upcoming stage of its production.
The move could prove worrying to the West that is grappling with a crisis as its sanctions on Russia cut energy mainly from European markets, causing serious troubles to supplies.
In October, the alliance announced production reduction by 2 million barrels a day, a major cut since 2020.
The move drew reactions from the US that accused Saudi Arabia of backing Russia against the Western sanctions.
In September, the Western countries announced they would impose a price cap on the Russian oil supplied to markets. Russia warned it would have major consequences.
Russia appears to have lobbied Saudi Arabia for cuts in a move to weather the Western embargo.
