OPEC and its Russian-led allies will meet on December 4 to review their production quotas on the eve of the EU’s crackdown on Russian crude supplies and the G7’s attempt to impose a price cap.

The punitive measures are intended to upset crude flows, but with the exact impact still unknown amid a bleak market outlook, the oil producer alliance looks likely to keep its production cuts in place, though delegates say further quota reductions cannot be ruled out entirely.

China is now a…

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