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The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, on March 3. Lisa Leutner /The Associated Press OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s war in Ukraine. OPEC+ argued it had cut output because of a weaker economic outlook. Oil prices hav...

Oil prices rose by more than $2 per barrel on Friday after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for a second week of gains. Brent crude was up by $2.72, or 3.4 per cent, to $83.70 a barrel at 1:24 p.m. EST (1824 GMT), while U.S. West Texas Intermediate (WTI) crude was at $79.77 a barrel, up $2.28, or 2.9 per cent. Russia may cut oil output by 5 per cent to 7 per cent in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. Russia’s Baltic oil exports could fall by 20 per cent in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations. “The potential cut from Russia could be giving the bulls more fuel,” said Eli Tesfaye, senior market strategist at RJO Futures. “If global demand continues at current pace, that...

Toyota Motor Corp TOYOF reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. Domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said. The automaker reported earlier this month it expected to produce 700,000 vehicles in January and held to a reduced goal of 9.2 million in the year through March. Toyota had previously expected to make 9.7 million autos this fiscal year, but was forced to lower the target in November as it struggles with rising materials costs and a shortage of semiconductors. That’s still ahead of last year’s production of about 8.6 million units. https://www.tausiinsider.com/toyotas-november-global-vehicle-production-rises-1-5-to-record-8...

Tesla TSLA-Q plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla will run production for 17 days in January between Jan. 3 to Jan. 19 and will stop electric vehicle output from Jan. 20 to Jan. 31 for an extended break for Chinese New Year, according to the plan seen by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the Model 3 and Model Y at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year. Tesla did not immediately respond to a request for comment from Reuters. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of D...

A severe fragmentation of the global economy after decades of increasing economic integration could reduce global economic output by up to 7%, but the losses could reach 8-12% in some countries, if technology is also decoupled, the International Monetary Fund said in a new staff report. Tne IMF said even limited fragmentation could shave 0.2% off of global GDP, but said more work was needed to assess the estimated costs to the international monetary system and the global financial safety net (GFSN). The note, released late Sunday, noted that the global flows of goods and capital had levelled off after the global financial crisis of 2008-2009, and a surge in trade restrictions seen in subsequent years. “The COVID-19 pandemic and Russia’s invasion of Ukraine have further tested international relations and increased skepticism about the benefits of globalization,” the staff report said. It said deepening trade ties had resulted in a large reduction in global poverty for years, while ben...

A bipartisan group of U.S. lawmakers is preparing a plan to defuse a looming crisis over the nation’s debt ceiling by changing it from a fixed dollar amount a percentage of national economic output, the group’s top Republican said on Sunday. The proposal would replace Washington’s current federal debt ceiling – currently set at $31.4 trillion – with a rule that would instead limit debt to a share of national economic output, said U.S. Representative Brian Fitzpatrick, the Republican co-chair of the moderate Problem Solvers Caucus. Fitzpatrick – appearing on Fox News Sunday with Democratic Problem Solvers co-chair Josh Gottheimer – said Republican House of Representatives Speaker Kevin McCarthy will be taking the lead in negotiations with the White House over the debt ceiling. But he and Gottheimer were “putting meat” on the bones of their proposal to help avoid a crisis. “We’re just going to offer up … a possible bridge building solution,” Fitzpatrick said. The U.S. government on Thu...