Crude Oil: How Will US Sanctions on Russia Impact OPEC+ Strategy?
- OPEC+ will meet this weekend to decide December output levels, with sources suggesting a modest 137,000 bpd increase.
- New U.S. sanctions on Rosneft and Lukoil have injected fresh uncertainty into global oil markets and could disrupt Russian supply.
- Analysts expect OPEC+ to proceed cautiously, continuing small production hikes while monitoring for potential oversupply.
The OPEC+ group will decide this weekend on production levels for December, in the first meeting since the United States slapped sanctions on the two biggest oil firms in Russia, a key member of the OPEC+ alliance and its second-largest producer after Saudi Arabia.
The producer group led by the Kingdom and Russia has been managing supply to the market for nearly a decade,…
