EU Vow to Ban Russian Oil Leaves Opec-Plus Unmoved

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STR/Associated Press
  • Opec-plus rolled over its existing policy despite oil prices topping $110 and Russia’s production sliding.
  • The group fell 1.43 million barrels per day short of its target for March, when it saw a record 157% compliance.
  • The meeting comes as the US Senate Select Committee is due to vote on the revived "Nopec" bill.

Russia’s invasion of Ukraine was bound to upend oil markets. It is also proving to be a defining moment for Opec-plus. Russia was the alliance’s top producer last year, ahead of Saudi Arabia. Now, its output is heading into sharp decline. The EU this week proposed to phase in a total ban on imports of Russian crude within six months and oil products by year's end. Analysts warn of sustained high prices with few precedents. But at its latest monthly meeting on Thursday, Opec-plus stuck to its guns, apparently seeing the price pain as something largely of the West’s own making. It points to the growing gulf between consumers and producers.

Opec/Opec-Plus, Opec-Plus Supply , Oil Demand, Sanctions
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