Opec keeps quota on Russian oil

05.12.2022

Opec has made a decision to keep the quota where it is. Kang Wu of S&P Global Commodity Insights told the BBC that it is an implicit sort of support to the oil market.

He warned against chasing oil higher with China's reopening, as there will be a surge in Omicron cases that could keep mobility on the downswing at least through the first quarter of next year In a joint statement last week, the G 7 and Australia said that the $60 cap on Russian oil would come into force on Monday or very soon thereafter. The move to sell oil to other markets such as India and China, which are currently the largest single buyer of Russian crude oil, will make the blow lessened by Russia.