Brent crude futures rise as Opec+ expected to discuss output cuts at a meeting on September 5
Singapore — Oil prices climbed on Friday on bets that Opec+ will discuss output cuts at a meeting on September 5, though benchmarks were on track for a steep weekly decline as fears of China’s Covid-19 curbs and weak global growth weighed on the market.
Opec+ is due to meet against a backdrop of sliding prices and falling demand, even as top producer Saudi Arabia says supply remains tight. Opec+ this week slashed its demand outlook, now forecasting demand to lag supply by 400,000 barrels per day in 2022, but it expects a market deficit of 300,000 bpd in its base case for 2023.
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