Global oil prices are expected to remain under pressure in the coming months, even if signs of a potential output freeze emerge from the informal meeting between OPEC and non-OPEC members scheduled to take place in Algeria in late September. Weakening global demand is capping gains in oil prices.
The meeting is expected to happen on the sidelines of the International Energy Forum in Algiers on 26-28 September. However, this will merely be a precursor to the bi-annual OPEC meeting scheduled for 30 November and is unlikely to yield any enforceable measures. The cartel may hold an extraordinary meeting if the informal gathering reaches a consensus on an output freeze.
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