International transport: status quo on the Opep side
On Sunday, the thirteen members of the Organization of Petroleum Exporting Countries (Op) led by Ryad, and their ten allies led by Moscow, decided to maintain the course of action adopted in October (cf.International transport: new jump in black gold price), i.e.production decrease by 2 million barrels per dayfrom September level. This action, initially taken to upset the United States which sought an effort to lower the price at the pump, should be maintained until the end of 2023.
For the time being, Opep is acting cautiously after Monday's entry into force.European embargoon exports of Russian oil transported by sea, and itscap at $60 per barrelthe G7 countries, the European Union and Australia. These sanctions seem to have already caused a bottleneck of tankers off the Bosphorus and Dardanelles Straits, sea crossings linking the Black Sea and Russian ports with international markets.
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