Crude edges higher on Opec+ compliance promises
Traders see the positives as producers commit to even greater respect for quotas
The benchmark Ice Brent front-month contract was trading above $42.50/bl at Friday lunchtime, threatening to record its highest closing price since early March. Better-than-expected compliance with Opec+ production curbs and promises made by quota busters at Thursday’s joint ministerial monitoring committee (JMMC) to mend their ways are the major drivers. The Ice contract closed just above $42/bl on 5 June but slipped back below $40/bl before the current rally kicked in yesterday. Today’s trading has seen the highest price levels since the collapse from $51.50/bl on 5 March to under $33.50/bl just three trading days later on 9 March. Baghdad boost Iraq’s promise to the JMMC—that it will comp
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
