Freezing output does nothing for the oil market
If the best Opec can muster is a weak deal not to lift already high production this will add little strength to prices. But the Doha deal may be just the first step
After weeks of shuttle diplomacy, Eulogio Del Pino, Venezuela’s oil minister and the agitator-in-chief leading calls for big producers to cut crude output, has his answer. Saudi Arabia, Russia, Qatar and Venezuela agreed in Doha on 16 February to freeze production at January’s levels – provided, in the words of Russian energy minister Alexander Novak, “other producers agree to this initiative”.If that’s the sum of it, the oil market is going nowhere fast. Russian production reached a record high of 10.88m barrels a day in January. Opec production, at 32.63m b/d in January, is almost 0.6m above its 2015 level. Keeping output where it is will do nothing to stop global stocks building. The Inte
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
