OPEC to maintain supply cuts as West tightens sanctions on Russian oil

Sunday's announcement of OPEC sticking with its announced supply cuts comes just hours before new western sanctions on Russian crude exports begin.

Oil producers including Russia said they would continue to restrict supply by 2 million barrels per day. That policy started last month and is due to run through the end of 2023.

The move drew criticism from the United States because it would hurt low and middle-income countries with higher energy prices.

Markets could be volatile in the coming days.

Europe's ban on importing oil from Russia shipped by sea starts Monday.

However Russian authorities said Sunday that it will not export oil to countries that impose price caps even if production is cut.