OPEC+ said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
White House press secretary Karine Jean-Pierre told reporters Tuesday that the U.S. would not extend releases from its strategic reserve to increase global supplies.
Russia "will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so," analysts at Commerzbank wrote in a note. "Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome."
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