Opec to extend, tight oil to grow
The group is expected to extend its cuts deal. But global supply could still surge
Opec is almost certain to extend its cuts for the second half of 2017 when it meets on 25 May in Vienna. The group's most powerful member, Saudi Arabia, has signalled to the market to expect a rollover. Its neighbours in the Gulf, including Iraq, say they are on board. Venezuela is desperate for higher prices. "The deal is 99% done," one insider told Petroleum Economist recently. Oil prices haven't risen as high as most members would like, but they're well above the level they would have reached without a deal, and all members fear a sell-off if an extension isn't agreed later this month. Opec thinks one more heave will be enough to help the market turn a corner in the second half of the yea
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
