Opec starts to ease cuts
The group is seeking to return compliance to 100%, implying a sharp immediate rise in output. But the details are vague
Opec's members are to start raising oil output again, officially aiming to achieve 100% compliance with its cuts and, in doing so, imply the addition of up to 700,000 barrels a day of supply to the market. It marks the beginning of the end of Opec's cuts strategy that began in January 2017, eliminating a global stock excess than lifted prices by about 50%. But the decision left many questions unanswered—confusion that was reflected in a 2% rise in Brent prices, to almost $75 a barrel, on news that had been intended to ease them. The market was expecting more detail. Earlier reports had suggested Opec would agree to increase supply by up to 1m barrels a day. Tehran objected, believing this wa
Also in this section
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award; this is no easy task but it can be done thanks to an international legal framework under the New York Convention.
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
31 July 2025
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
