Opec, cornered
The group has no real option but to roll over its deal on 25 May. Prices should rise in the second half of the year—and then the policy debate will start again
All signals point to an extension of the Opec cuts on 25 May. Gulf producers are on board, above all Saudi Arabia, whose oil minister Khalid al-Falih thinks the policy should continue until global oil stocks are back within historical ranges. Venezuela will be happy to roll over the deal—the cuts make a virtue of its steady output decline. Compliance has been surprisingly high, showing a group-wide commitment. Unless Opec members are ready for more economic pain the extension should be baked into forecasts. The cuts haven't restored the $60-a-barrel-plus prices Saudi Arabia is thought to seek. But they prevented a slide back into the $40s or even $30s-basement prices that might have been rea
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
