Economics
OPEC+ Meets in Abu Dhabi With Deeper Cuts Off the Agenda for Now
- Russia says Thursday’s meeting won’t discuss additional curbs
- Ministers see reasons for concern about slowing global economy
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Deeper oil-production cuts aren’t on the agenda as OPEC+ ministers gather in Abu Dhabi, but there’s growing concern about the strength of fuel 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.