OPEC says there’s no change in oil output

(NBC) - OPEC+ will stick to its existing policy of reducing oil production.

The Organization of the Petroleum Exporting Countries and its allies, together called OPEC+, said Sunday that it will not change plans to reduce oil production by 2 million barrels per day, about 2 percent of world demand, until the end of 2023.

This comes as the the European Union plans to ban all imports of Russian seaborne crude oil Monday.

The U.S. and other members of the G-7 will also impose a price cap on the oil Russia sells to countries around the world.

The Kremlin previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.

Oil prices have fallen to below $90 a barrel from more than $120 in early June.