UAE Energy Minister Suhail al-Mazrouei at the OPEC International Seminar in Vienna
OPEC+’s extra barrels mostly made of paper
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
OPEC+ has added just 160,000b/d of oil to the market since it started unwinding its production cuts in April, according to Petroleum Economist estimates. This is far below its pledged increase of nearly 960,000b/d. However, global demand has remained unexpectedly resilient, with lower fuel prices and a weaker dollar boosting consumption, especially in developing economies. This sustained consumption growth is keeping prices buoyant above $65/bl, even amid broader economic uncertainty and trade tensions. Whether these price levels will pressure shale producers and OPEC+ quota-breakers into compliance remains uncertain. Despite uneven compliance across the OPEC+ bloc, heavyweights within
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
