Is this the bottom?
The Doha deal and some changing sentiment are giving hope to a struggling market
After plunging to 12-year lows in mid-January, Brent prices have traded in a steady range of between around $30-35 a barrel, raising a simple question: has the market bottomed out? A significant shift in Saudi Arabia's previous policy to keep the taps running at all costs gives some sign that it has. Cajoled by Venezuela, on 16 February the kingdom joined Russia and Qatar (involved because it holds the Opec presidency) in agreeing to freeze crude production at January's levels. Front-month Brent futures responded by making temporary gains above $35/b before dropping back down to around $32/b later that day. The four-nation Doha deal might have shown a new Saudi willingness to consider suppl
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
