Major oil-producing countries led by Saudi Arabia and Russia agreed on Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week.
The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their course agreed in October of a production cut of two million barrels per day until the end of 2023.
The alliance says that its October decision to cut output was purely driven by market considerations adding that it had been the necessary and right course of action towards stabilizing global oil markets.