The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organisation said on Saturday. Wednesday’s face-to-face meeting of the 13 OPEC members, led by Saudi Arabia and its 10 allied members headed by Russia, will be the first in the Austrian capital since the spring of 2020. The gathering will take place as speculation grows of major output cuts in the face of recession fears affecting demand for crude. Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine, but have since fallen to around $80 per barrel amid recession fears.
Published in The Express Tribune, October 2nd, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ