OPEC still struggling to support oil prices
Letter on OPEC: OPEC’s ‘elastic’ supply problem
A high-price market management strategy will continue to prove difficult until demand makes a strong recovery
The world finally showed signs of recovery from the Covid-19 crisis in 2023. People started driving and flying to faraway business and holiday destinations. The expected ‘hard landing’ of the global economy has, most likely, been avoided. Stock valuations are higher than ever, and the US Federal Reserve may start cutting rates as early as March. For the first time, demand for oil exceeded the pre-pandemic record of 101m b/d in 2019. The IEA estimated that the world consumed 0.1m b/d more last year, with expectation of further growth of 1.4m b/d this year and another 1.3m b/d in 2025. So, with all the good news out there, why is OPEC still struggling to support oil prices? The first reason is
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
