{"id":2596,"date":"2022-12-05T15:05:23","date_gmt":"2022-12-05T15:05:23","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=2596"},"modified":"2022-12-05T15:05:24","modified_gmt":"2022-12-05T15:05:24","slug":"oil-up-3-on-opec-output-plans-and-price-cap-on-russian-crude","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/2596\/","title":{"rendered":"Oil up 3% on OPEC+ output plans and price cap on Russian crude"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices rose 3% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and the start of a G7 price cap on Russian crude.<\/p>\n\n\n\n<p>At the same time, in a positive sign for fuel demand in the world&#8217;s top oil importer, more Chinese cities\u00a0eased\u00a0COVID-19 curbs over the weekend.<\/p>\n\n\n\n<p>Brent crude futures were up $2.53, or 3%, at $88.10 a barrel by 1330 GMT. WTI crude futures gained $2.40, or 3%, to $82.38.<\/p>\n\n\n\n<p>The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+,\u00a0agreed\u00a0on Sunday to stick to their October plan to cut output by 2 million barrels per day (bpd) from November through 2023.<\/p>\n\n\n\n<p>&#8220;The decision &#8230; is not a surprise, given the uncertainty in the market over the impact of the Dec. 5 EU Russia crude oil import ban and the G7 price cap,&#8221; said Ann-Louise Hittle, vice president of consultancy Wood Mackenzie.<\/p>\n\n\n\n<p>&#8220;In addition, the producers\u2019 group faces downside risk from the potential for weakening global economic growth and China\u2019s zero Covid policy.&#8221;<\/p>\n\n\n\n<p>The Group of Seven (G7) countries and Australia last week\u00a0agreed\u00a0on a $60 a barrel price cap on seaborne Russian oil.<\/p>\n\n\n\n<p>Business and manufacturing activity in China, the world&#8217;s second-largest economy, have been hit this year by strict measures to curb the spread of the coronavirus.<\/p>\n\n\n\n<p>Persistent sluggishness in the Chinese economy could reverse oil&#8217;s price gains, analysts warned.<\/p>\n\n\n\n<p>&#8220;From the OPEC+ perspective, it can&#8217;t be easy to make reliable forecasts against that backdrop and the constantly evolving Covid situation in China, which currently looks far more promising from a demand perspective,&#8221; said Craig Erlam, senior markets analyst at OANDA.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-12-05T15:05:24+00:00\"> 5 December 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices rose 3% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and the start of a G7 price cap on Russian crude. At the same time, in a positive sign for fuel demand in the world&#8217;s top oil importer, more Chinese cities\u00a0eased\u00a0COVID-19 curbs over the weekend. [&hellip;]","protected":false},"author":1,"featured_media":2597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1],"tags":[],"services":[],"class_list":["post-2596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=2596"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/2597"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=2596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=2596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=2596"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=2596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}