Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
OPEC+ keeps more barrels off market in April
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
OPEC compliance improves amid market share threat
The surprise decision to bring on extra supply has coincided with better quota conformity from laggards in the group, Petroleum Economist analysis shows
OPEC+ plays with a straight bat
The oil alliance’s decision to keep to the plan amid tightening economic fundamentals seems to have been lost in the global geopolitical maelstrom, misplaced market speculation and haze of conjecture
US election means little to Tehran and Caracas
Geopolitical strife embroiling Iran and political corruption in Venezuela suggest little near-term change to oil production from either of the sanctioned states
Letter from South America: Sanction threat fails to curb Caracas
Washington has put oil and gas sanctions back in place while Venezuela prepares for elections. But exemptions remain as the Biden administration looks to domestic gasoline prices ahead of the US’ own elections later this year
Letter from the UK: A positive legacy for OPEC?
Oil producer group could spearhead the shift to cleaner energy in member countries and be part of transition solution
UAE could be big winner from Aramco U-turn
Saudi Arabia’s decision not to expand capacity target seen as bolstering UAE’s position within OPEC+
OPEC stresses need for all-energies approach
Secretary general says oil can help solve trilemma and is upbeat on ‘flexible’ OPEC role to help manage crude supply longer term
Outlook 2024: The evolving role of OPEC and OPEC+
The organisation remains vital to ensuring future energy demand is met
Angola’s OPEC departure runs deep
Luanda’s decision to leave the influential group surprised many observers but may have been coming for some time
Opec Venezuela
Derek Brower
8 December 2017
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Opec's Venezuelan supply problem

It's hard to see how the Opec-non-Opec agreement would survive a steep decline in Venezuelan oil output in 2018

The biggest point of contention during the Opec meeting on 30 November, say people who were in the room, was the plan to impose a cap on Libya's and Nigeria's oil output. The outcome wasn't clear. Opec's communiqué said nothing, leaving Saudi oil minister Khalid al-Falih to announce that they had agreed not to exceed their 2017 highs in 2018. It meant, he said, that there would be "no surprises" for the market. In terms of something for bulls to latch onto, that was about it from the Opec meeting. Otherwise, the key takeaway of the deal was that it would be subject to review during the year-at the next group-wide meeting in June, for sure, but also at compliance-monitoring meetings before th

Also in this section
Gas may be bridge fuel for centuries
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
Gabon eyes future post-Bongo
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
China’s pragmatic coal-to-gas strategy
29 May 2025
A cautious approach to coal-to-gas switching offers lessons to others who are looking to balance cost with cleaner energy
Russia’s implausible gas strategy
28 May 2025
The country may have the resources, but sanctions and a lack of market access make its gas ambitions look very questionable

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search