FX.co ★ OPEC leaves production quotas unchanged

OPEC decided not to change production quotas for its members.

Earlier, the group agreed to cut the amount by 2 million barrels per day, which drew the ire of the Biden administration, who repeatedly asked to increase output as the US is struggling to reduce retail fuel prices.

But now, the decision was to maintain the production amount, which comes at the same time as the start date of the EU embargo and price cap on oil.

Although OPEC representatives said the price cap was not discussed at the meeting, analysts said the group has every reason to be concerned about the issue as it could be a weapon that may be used against them one day. It reflects the unpredictability of supply and demand in the coming months.

If the meetings are less frequent from now on, it means that the current policy will remain unchanged.