OPEC and its allies stuck to their targets as markets struggle to assess the impact of a slowing Chinese economy and a G7 price cap on Russian oil. The group angered the U.S. and others in October when it agreed to cut output by 2 million barrels per day.
- BusinessRussia will not export oil subject to Western price cap, deputy prime minister says
The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict.
- MarketsMorning bid: China Politburo smoke signals
Interest-rate decisions in Australia and India are the main set-piece events in Asia this week.
- WorldChinese cities ease curbs, full zero-COVID exit seen some way off
There was no sign of significant unrest this weekend, although police were out in the Liangmaqiao area of Beijing and in Shanghai around Wulumuqi Road, which is named after Urumqi.