Opec+ ministers are in a tight spot: demand might not be as strong as they thought
Opec+ is in a tight spot
Oil producers’ demand outlook not as bullish as thought as output cuts have limited impact
Oil ministers from the 23 members of the Opec+ alliance met in Vienna on 4 June to discuss the state of the market and to decide what, if anything, to do to prop up prices. When, on 5 October 2022, Opec+ made a surprise cut of 2mn bl/d to its production ceiling, the price of Brent crude was $93.37/bl. In April, when voluntary production cuts by some members of the alliance totalling 1.15mn bl/d were announced, the price was $84.93/bl. In early May, the price of front-month Brent crude dipped below $80/bl and it has stayed there ever since, bottoming out at slightly below $71/bl just before the ministers sat down for talks. There is no official price target set by Opec+, but it is widely beli
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
