OPEC+ will meet this Sunday to discuss its production targets for January 2023. IEA’s global oil demand growth for 2023 stands at a mere 1.7 million b/d whilst OPEC expects 2.55 million b-d. Russia’s two largest energy companies, the oil giant Rosneft and the gas giant Gazprom, have seen marginal declines in capital spending this year, coming in at $12.9 billion. This year is poised to see the lowest investment activity in years as companies postpone FIDs. Greenfield investments have tumbled 40% year-on-year to $8 billion, and even that is mostly coming from previous commitments such as gas production going into Power of Siberia-1 or Vostok Oil. . . .
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