Gulf members try to shore up Opec's credibility
But a pathway out of the cuts is still not clear
Opec's big guns are pulling out the stops. It should do the trick, tightening physical supplies and inflating the price this quarter, at least until refining maintenance kicks in again. But the big question remains: what is the end game? For now, the policy is reactive, not proactive. Opec needed to do something and has. The backdrop to its latest meeting in St Petersburg earlier this week wasn't pretty. Compliance with the cuts has started to creak. Brent, at around $48 a barrel on the eve of the summit, had fallen by more than 10% since Opec and its non-Opec partners agreed in May to extend their deal. Market sentiment in recent months has been deeply bearish. Bigger problems have been b
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
