The European Union (EU) declined on Monday to comment on a Sunday decision by some members of OPEC+ to cut production by 1.15 million barrels per day from May until the end of the year.

“We have no immediate reaction to that. Of course we continue to follow the situation closely,” EU spokesperson for energy Tim McPhie told a news conference in Brussels.

He noted that the EU has now an oil import ban from Russia through its sixth sanctions package announced in June 2022, which reduces the volume of oil available globally.

However, the 27-member bloc has worked closely with G7 countries to ensure that markets remain stable at a global level, he said.

Globally, the oil prices trended downwards since those sanctions, he added.

Source: Kuwait News Agency