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OPEC+ still showing restraint
Petroleum Economist analysis shows OPEC bringing back some barrels in May, but fewer than expected, while OPEC+ continues to see output fall
Brent heads for $82/bl as Opec+ holds steady
The cartel dashes expectations it might boost production ahead of schedule
Iraq shrugs off partner uncertainty to lift long-term target
The country has lifted its long-term production target to 8mn bl/d despite continued murmurings about IOC dissatisfaction
Central bank holds key to Gabon’s oil future
If oil companies are forced to hold revenues in the local currency—combined with mandated Opec cuts—the Central African country will struggle to attract the new investment it desires
Iraq and Iran move further apart
Baghdad’s pivot away from its neighbour is increasingly extending to their shared resources
Nigeria has a major problem
Opec production cuts matter far less than international companies deciding to scale back production and capex
Angola revival stalled by global demand slump
Sharply lower oil prices mean the West African country will find it difficult to finance the investment needed to replace its ageing offshore fields
Muscat's oil plans in disarray
The sultanate’s upstream development projects have taken short and longer-term hits
Texas searches for oil industry salvation
Record low oil prices are compelling the state to consider proration. But greater measures may be needed to stave off financial ruin
Mexico plays hardball
Regional outlier initially baulked at Opec’s demand to scale back barrels, before bleeding oil revenues forced a rethink
Markets Opec
Paul Hickin,
Editor-in-chief
5 March 2025
Follow @PetroleumEcon
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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

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