FRANKFURT, Germany—The Saudi-led Opec oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market.
The impact of the price cap is also up in the air because Russia has said it could simply halt deliveries to countries that observe the limit. But analysts say the country would likely also find ways to evade the cap for some shipments. An Opec+ statement Sunday pushed back against criticism of that October decision in view of the recent weakness in oil prices, saying the cut had been “recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets.”
Average gas prices have fallen for US drivers in recent days to $3.41 per gallon, according to motoring club federation AAA. Russia would likely try to evade the cap by organizing its own insurance and using the world’s shadowy fleet of off-the-books tankers, as Iran and Venezuela have done, but that would be costly and cumbersome, analysts say.
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