Council on Foreign Relations – Daily news brief Oct. 5, 2022

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OPEC+ Weighs Deep Supply Cuts Despite U.S. Concerns

The Organization of the Petroleum Exporting Countries (OPEC) and oil producers such as Russia are considering a sizable cut (NYT) in their oil output as they meet in Vienna today. The bloc and its allies, a grouping known as OPEC+, could cut production by two million barrels per day, or about 2 percent of global supply. The United States has lobbied Saudi Arabia against such a measure.  Also today, European Union (EU) countries agreed (Reuters, AFP) to impose a price cap on Russian oil sales to third countries as part of a new sanctions package on Russia. The idea for a price cap was originally proposed by the Group of Seven (G7). G7 countries that aren’t part of the EU are expected to enact laws (NYT) similar to the EU’s to enforce the price cap. 
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