LONDON : The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40 per cent of the world's crude, agreed on a new oil output deal on Sunday.
Yet benchmark crude prices have shed those gains since, with Brent futures on Monday trading at just under $78 a barrel. Russian Deputy Prime Minister Alexander Novak has also pointed to"interference with market dynamics", a Russian expression to describe a Western price cap on Russian oil. He repeated his warning ahead of Sunday's meeting, telling speculators to"watch out" which many market watchers and investors interpreted as a signal that OPEC+ could consider further output cuts.U.S. crude oil production is set to rise by 5.1 per cent to 12.53 million barrels per day in 2023 and by 1.3 per cent to 12.69 million bpd in 2024, according to government forecasts.
The United States is considering passing legislation known as NOPEC, which would allow the seizure of OPEC's assets on U.S. territory if market collusion is proven.
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