On the other side, oil has been trading at lower prices on fears that coronavirus outbreaks and China’s strict zero-COVID restrictions would reduce demand for fuel in one of the world’s major economies.An OPEC+ statement Sunday pushed back against criticism of that October decision in view of the recent weakness in oil prices, saying the cut had been “recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets.”The White House, which has pressed for more oil supply to keep gasoline costs down for U.S. drivers, at the time called the cut “shortsighted” and said the alliance was “aligning with Russia.”With the global economy slowing, oil prices have been falling since summertime highs, with international benchmark Brent closing Friday at $85.42 per barrel, down from $98 a month ago.Russia would likely try to evade the cap by organizing its own insurance and using the world’s shadowy fleet of off-the-books tankers, as Iran and Venezuela have done, but that would be costly and cumbersome, analysts say.“If Russia ends up taking off more oil than about a million barrels per day, then the world becomes short on oil, and there would need to be an offset somewhere, whether that’s from OPEC or not,” said Jacques Rousseau, managing director at Clearview Energy Partners.“That’s going to be the key factor — is to figure out how much Russian oil is really leaving the market.”The OPEC+ statement set its next meeting for June 4 but said the coalition could meet at any time to address market developments."