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
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
