Iran Press/ Europe: The 34th OPEC and non-OPEC Ministerial Meeting took place by videoconference on Sunday, 4 December 2022.
Oil prices rose by 2 percent on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude.
Brent crude futures were last up 72 cents, or 0.8 percent, to $86.29 a barrel at 0430 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 70 cents, or 0.9 percent, to $80.68 a barrel.
OPEC and its allies, including Russia, together called OPEC+, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day (bpd) from November through 2023.
OPEC+ decision was expected as major producers wait to see the impact of the EU import ban and Group of Seven (G7) $60-a-barrel price cap on Russian seaborne oil, with Russia threatening to cut supply to any country adhering to the lid.
The European Union will need to replace Russian crude with oil from the Middle East, West Africa, and the United States, which should put a floor under oil prices at least in the near term, Wood Mackenzie vice president Ann-Louise Hittle said in a note.
On Sunday, OPEC and non-OPEC Ministerial meetings resulted in reaffirming the decision of the last Meeting on 12 April 2020 to adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).
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OPEC+ sticks to 2mbd output cut
