Opec to stick with no cuts policy in Vienna
Opec is likely to sit on its hands this week in Vienna, hoping the market vindicates its policy in 2016
Global oil stocks are at record highs. The demand surge of 2015 is over and consumption growth next year will be more modest. US interest rates may be about to rise, putting more pressure on crude prices. Opec is producing well above its agreed ceiling. Non-Opec output continues to chug along at levels above expectations. It makes for a bearish picture, but barring a major surprise Opec will stick to its no-cuts policy in Vienna on 4 December. None of the necessary pre-meeting work to change tack has happened and price support is not on the agenda. Market recovery remains the goal of lynchpin Saudi Arabia and the other Gulf members. When Opec does get back to cutting, it will happen in a fir
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
