Dec. 7, 2022—OPEC+ has announced there will be no change in its current plan to reduce oil production, according to KYMA.
OPEC+ met on Sunday, and will not change its plans to reduce oil production by two million barrels per day until the end of 2023. This is equivalent to about 2% of global demand.
On Monday the European Union ban took effect on seaborne imports of Russian oil, according to NPR. The United States and other G-7 members are also going to "impose a price cap on the oil Russia sells to other countries around the world," according to KYMA.
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