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OPEC+ says ready to adjust oil production as Russian embargo looms

OPEC+ says ready to adjust oil production as Russian embargo looms

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OPEC and its allies pledged on Sunday to stand ready to take “immediate” action to stabilize global oil markets a day before the start of sweeping new Western restrictions on Russia’s oil exports. OPEC+, which is led by Saudi Arabia and Russia, decided against making any immediate changes to the group’s production targets, but said …

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Global oil market signals near-term weakness ahead of EU embargo on Russian oil

Global oil market signals near-term weakness ahead of EU embargo on Russian oil

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NEW YORK, Nov 28 (Reuters) – The global oil market is signaling a potential shift as traders and analysts worry about falling demand for crude and a surplus market in the coming months. After months of strength, crude futures are flirting with all-year lows as major oil consumer China enters additional COVID-19-related lockdowns while central …

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