News in Brief
OPEC+ keeps output reduction to boost oil prices
AFP – An OPEC+ panel recommended Wednesday that the oil group keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.
In a statement following a virtual meeting, OPEC+ said its Joint Ministerial Monitoring Committee (JMMC) “reaffirmed the commitment of its member countries” to maintain its production reduction strategy valid until the end of 2024. The panel added that it stands “ready to take additional measures at any time” depending on market conditions.
Euro zone retail sales fall
REUTERS – Euro zone retail sales fell much more than expected in August, data showed on Wednesday, pointing to weaker consumer demand as inflation remains high.
The European Union’s statistics office Eurostat said retail sales in the 20 countries sharing the euro fell 1.2% month-on-month for a 21% year-on-year decline in August.
Economists polled by Reuters had expected a 0.3% month fall and a 1.2% year-on-year decline.
Germany seeks ‘grand bargain’ with France over energy
FT – Germany is seeking a “grand bargain” with France to resolve their current stand-off over nuclear power and help unblock a sweeping reform of the EU’s electricity market.
“We are working towards a larger compromise on energy issues,” said Sven Giegold, state secretary at the German Economy and Climate Ministry, of the talks between Germany, France and its EU partners. “We need a grand bargain,” he said, adding that it could cover several aspects of energy policy, not just the nuclear issue.