OPEC+ faces output dilemma amid concerns of a global economic slowdown
The OPEC+ coalition is heading into unfamiliar territory.
After spending two years gradually feeding idle oil production back into the post-pandemic world, Saudi Arabia and its partners are facing a different market. The narrative that’s dominated the last few months — pressure from key consumers like the US to tame inflation by ramping up supply — is shifting toward concerns about a global economic slowdown.
Recent gyrations, including a drop of more than 20% in Brent crude since early June, have prompted Riyadh to say an output cut could be necessary.
