Who's your swing producer now?
Under pressure from Trump, Saudi Arabia has demolished the Opec deal and will now pour oil into a market that is suddenly running short
Late in the evening of 21 June, Bijan Namdar Zangeneh, Iran's oil minister, walked out of Opec's headquarters on Helferstorferstraße and rushed to the nearby Kempinski hotel. He unloaded on the waiting press pack, briefing Iranian journalists off the record. Iran would accept no deal to increase oil output at the next day's Opec meeting, he said. Doing so was tantamount to "suicide", he told the Iranian reporters. The Opec meeting seemed destined for an ugly confrontation, the climax of a week of high-stakes petro-diplomacy. While Zangeneh huffed, a crucial meeting carried on without him back in Opec's headquarters. The Joint Ministerial Monitoring Committee (JMMC), led by Saudi Arabia and R
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.
