OPEC+ keeps output unchanged amid uncertainty over fallout from Western price caps on Russian oil

The OPEC+ announced Sunday that the cartel of oil exporting nations will maintain current production targets, citing uncertainty about newly announced Western price caps on Russian oil sales. Saudi-led OPEC and its allied exporters, led by Russia, agreed to cut production by 2 million barrels a day in October, angering the White House as the U.S. grappled with high gas prices weeks before the midterm elections. Oil and gasoline prices have fallen significantly since then for various reasons.

OPEC+ said Sunday that its October production cut has been "recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets."

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.