OPEC Keeps Oil Targets Amid Russian Sanctions

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied producers including Russia aren’t changing their targets for shipping oil to the global economy. The decision Sunday comes amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Starting Monday, a European Union boycott of most Russian oil and a price cap of $60 per barrel on Russian exports by the EU and the Group of Seven democracies take effect. On the other side, oil has been trading at lower prices on fears of a slowing economy reducing demand. OPEC said in October that’s why it was a slashing production by 2 million barrels per day starting in November. That remains in effect.