OPEC+ keeps steady policy amid weakening economy, Russian oil cap - Reuters

LONDON/DUBAI, Dec 4 (Reuters) - 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.

On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.

Neither an OPEC meeting on Saturday nor the OPEC+ meeting on Sunday discussed the Russian price cap, sources said.

JP Morgan said on Friday that OPEC+ could review production in the new year based on fresh data on Chinese demand trends and consumer compliance with price caps on Russia crude output and tanker flow.

OPEC+ will likely stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after the Group of Seven (G7) nations agreed a price cap on Russian oil.