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Oil & Gas Technical Compendium

OPEC+ meets in Abu Dhabi, with deeper cuts off the agenda for now

VLADIVOSTOK (Bloomberg) - Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a back of growing concern about the strength of oil demand as the global economy slows.Crude has lurked in the low $60s for most of the summer as escalating tensions between the U.S. and China and increasing fears of a looming recession prompted downgrades to oil-demand forecasts. That’s too cheap to cover the budgets of many nations in the cartel, notably Saudi Arabia, but the group gave no indication that it will try to push prices higher at the meeting of its Joint Ministerial Monitoring Committee on Thursday.“It’s not the goal of the JMMC to generate new proposals all the time,” Russian Energy Minister A.....

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