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.
- WorldIran protesters call for strike, prosecutor says morality police shut down
Hundreds of people have been killed in unrest that has continued since September.
- BreakingviewsWestern firms’ Chinese red lines are not their own
If Western states were to impose sanctions on China, boards would have their red lines decided for them. Until that happens, they can assume such a step won't happen, Lisa Jucca writes.