Opec holds output steady amid talk of new price war
The 30 million barrel a day (b/d) ceiling was retained, and prices dropped as a result of the announcement
Opec’s decision here in Vienna on 27 November to keep its 30 million barrel a day (b/d) ceiling intact makes market share, not price, the group’s priority. Oil prices fell sharply on the news and analysts say Opec’s move could spark a deeper sell-off in the coming weeks. Opec’s announcement, and the market’s immediate reaction, will ring alarm bells from Russia to Canada’s oil sands, with high-cost supply now directly in the firing line. In London, Brent plunged by about 9% within an hour of the decision, trading just above $71 a barrel (/b), before recovering some ground. WTI dropped below $70/b for the first time since mid-2010. Saudi Arabia, the group’s biggest producer, led the decision
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
