Oil stability has become the codeword for an implied price floor
Opec+ mastering art of targeting prices without targeting prices
Two-speed producer group is now nimble enough to make price floor work
Opec messaging could not be any clearer: oil stability has become the codeword for an implied price floor, with Saudi Arabia’s ire constantly aimed at speculators. While some commentators were caught up in the complexities of geopolitical doublespeak to explain Opec+’s surprise voluntary production cut in early April, the reasoning for the 1.66mn bl/d reduction from May through December—which includes a 500,000bl/d cut from Russia—is much simpler: uncertainty over the demand outlook. What is more nuanced is Opec+’s newfound approach. Unshackled by those cartel producers themselves shackled by production constraints, Saudi Arabia and its predominantly Middle Eastern cohorts were able to move
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
