The OPEC member exports about 2 million barrels a day of crude, most of it to Asian countries such as China, South Korea, Japan, and India

The OPEC+ alliance agreed to stick to its oil output targets at a meeting on Sunday, pausing to take stock of global oil market uncertainty

[{"selector":"#anim-214cc5e3-6031-4e37-b665-eebdd71a88dd","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1b02c92-3625-4053-8c89-52455663bdd1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3317e1da-b74c-4b6b-8097-bfd95ae413a0","keyframes":{"transform":["translate3d(0px, 125.31957%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] More News

Volatility in crude oil prices is due to uncertainties including high inflation rates, recession worries, and lower demand from China on Covid restrictions

[{"selector":"#anim-ac6daf2b-21cf-43d3-9386-a50c107837cf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f258d91b-cce8-4585-b5b7-48cf37737988","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1136dc8-d957-4958-a6f1-e87a2f0d80dd","keyframes":{"transform":["translate3d(0px, 124.43460%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The European Union sanctions on crude exports from OPEC+ member Russia, which come into effect on Monday also caused volatility last week.

[{"selector":"#anim-570c1732-df8f-403f-8600-6b932d35924c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a7c11803-c41c-4320-a8cf-1b9b18da6431","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-190b8fc0-c2e3-4739-a02b-295ed21c3604","keyframes":{"transform":["translate3d(0px, 122.66471%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Oil markets are likely to stay volatile near term, driven by news from China and on central bank policy changes,” said Giovanni Staunovo, an analyst at UBS

[{"selector":"#anim-77dd74ff-267a-4114-b202-a8542bc64951","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43b3ad71-6cf4-4d38-bd64-77fc3ce3115c","keyframes":{"transform":["translate3d(0px, 124.87710%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The Joint Ministerial Monitoring Committee, or JMMC, of OPEC, will next meet in February, and OPEC members will next meet on June 1st week

[{"selector":"#anim-b3e8a592-9151-4450-b8eb-77ce1f8fcb47","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5935ddbb-fa72-4653-8faf-861348397ddf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb532ebc-217f-4baf-a768-3bf5de039ce9","keyframes":{"transform":["translate3d(0px, 145.99082%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Stock Market News

Oil posted its biggest weekly gain in a month ending on 2 Dec due to China loosening Covid restrictions and speculation on OPEC+ output policy

[{"selector":"#anim-d260b1be-f875-4cce-9058-68820bd03c49","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34296d53-7602-4988-a81b-58b35666fc87","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eef32c13-5fd7-4f87-bb72-b34e1707ad50","keyframes":{"transform":["translate3d(0px, 125.76204%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

JP Morgan said that OPEC+ could review production in the new year based on Chinese demand and consumer compliance with price caps on Russia's crude output and tanker flow

[{"selector":"#anim-e236668a-e18b-45b8-9e86-27dafe0942c7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d74b8ab7-801d-4cef-8be8-fa103ecd7597","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b5e57883-dc66-497d-b6e5-5669e2f8ee03","keyframes":{"transform":["translate3d(0px, 122.47962%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

MORE STORIES

[{"selector":"#anim-d6fa3733-72cb-44e0-a1ff-28d3a9c81a3d","keyframes":[{"offset":0,"transform":"translate3d(0, -210.82768%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -59.284743616%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -20.155126208%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -7.568713712%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -3.2889118079999995%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] [{"selector":"#anim-68f60edf-4849-41ba-a319-8d49e1ed3e50","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-59e76384-dc8c-4dec-bce0-3715e4aec04b","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}] More Stories