Middle East Producers Cautious With Price Hikes Amid Recession Fears

The life of Middle Eastern national oil companies was just too good to continue as previously, raking in unbridled profits amidst triple-digit oil prices. September 2022 is unlikely to change anything in the grand scheme of things, however now more than ever this year, fears of demand destruction have been plaguing macroeconomic forecasts and consumption algorithms. With the United States already in technical recession and the European Union set to join it once Q3 ends, there is not much prospect for growth globally, as China, too, struggles to…