OPEC and its allied producers agreed to maintain their current oil-output targets during a videoconference on Sunday.
Why it matters: The decision comes despite a recent decline in energy prices and a price cap on Russian oil by the Group of 7 nations set to take effect on Monday.
Nearly 2,000 people have been evacuated after Indonesia's Mount Semeru volcano erupted on Sunday, according to a statement from the country's National Disaster Management Agency (BNPB).
Driving the news: Although no casualties have been reported so far, authorities issued a Level IV alert due to the eruption, the highest alert level possible, per a statement from the National Disaster Management Agency.
