Europe Can’t Count On U.S. Shale To Make Up For Russian Crude

OPEC+ yesterday decided to leave its production quotas where they are, at 2 million bpd lower than they were in October, which is an effective cut of 1 million bpd of production. Three days earlier, the European Union reached an agreement to set a price cap on Russian crude oil at $60 per barrel—lower than market prices but not as low as some EU members, such as Poland and Estonia, would have liked the cap to be. Russia responded by reiterating that it will not sell oil to countries enforcing a price cap. According to Reuters, a decree to…