Middle East Producers Cautious To Hike Prices After OPEC+ Production Cuts

Heading into November 2022 with the firm knowledge that intra-OPEC+ cohesion has been restored to the fullest and the oil group has been given a new long-term ambition, pricing decisions for Middle Eastern cargoes loading next month faced an uncanny dilemma. A sizable supply cut would definitely merit a corresponding OSP hike, however, what to do with ubiquitous fears of a still-unseen recession coming our way? After all, the US Federal Reserve is getting increasingly worried about not seeing signs of inflation easing and by now is seen to reach…