Opec+ stress test as oil price lifts off

Cartel heavyweight Saudi Arabia draws heat from White House and Russia

What next for the oil price? An increase of about 40pc since January to c$74/bl has been spurred by the Opec+ supply cuts, as well as US sanctions against Iran and crisis-hit Venezuela, where production losses have been deeper than forecast. On trading floors, the mood is one of uncertainty — not least about the impact on future supply following President Trump's recent decision to scrap waivers granted to some countries, including China, following the imposition of Iranian sanctions from January. The immediate response was another leg-up in the oil price. Now, the question is whether traditional swing producer Saudi Arabia will step in and plug the gap left by the potential loss of even mor