WHAT'S NEXT FOR THE OIL MARKET AS OPEC READIES TO MEET RUSSIA: Hours before the European Union begins an embargo of Russian oil, oil officials from OPEC and Russia are all set to meet on Sunday to consider production levels. Analysts have said OPEC Plus, a group of 23 oil-producing nations led by Saudi Arabia and Russia, might adopt a wait-and-see attitude as various forces play out in the oil market. The immediate challenges include the EU's embargo on Russian crude and a US-led plan to cap the price of Russian oil exported to other destinations at $60 per barrel. However, these factors only form a part of the problem. Global economic growth is slowing down due to higher central bank rates, supply disruptions and inflation. Moreover, demand for oil from China, the world's largest importer of fuel, has dampened due to COVID-19 lockdowns that have taken a toll on China's economy and manufacturing capabilities. While the outcome of the price cap and embargo is harsh to forecast, its impact could eclipse any move OPEC decides to make over the weekend. [By Dhanusha Gokulan, Chief Reporter]
AP