OPEC+ plays with a straight bat
The oil alliance’s decision to keep to the plan amid tightening economic fundamentals seems to have been lost in the global geopolitical maelstrom, misplaced market speculation and haze of conjecture
Whenever OPEC+ goes against the prevailing consensus, the reactions are usually either that the oil alliance has got it wrong or that a message is being sent, or else a conspiracy theory is cooked up. All three themes, along with inevitable price action that goes along with signalling more barrels will re-enter the market, have reverberated across an oil world that has totally missed the point: OPEC+ knows best. The eight OPEC+ producers that agreed to additional voluntary output cuts in April and November 2023 said they would proceed with their previously agreed plan to gradually roll back the November 2023 target reductions. The total of 2.2m b/d equates to a month-on-month rise in April o
Also in this section
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
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
20 March 2026
Disruptions to Qatari LNG exports have highlighted the risks of concentrated supply, potentially strengthening the long-term position of US exporters despite limited near-term flexibility
20 March 2026
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
