Storage tanks at the Airankol oilfield in Kazakhstan
OPEC’s realignment
The group is cleansing itself of non-compliers and resetting expectations as it unwinds quicker than expected in a bid to go beyond production quotas
OPEC-9 output rose by 170,000b/d month-on-month in August, to 22.22m b/d, according to Petroleum Economist estimates, while the OPEC+ Declaration of Cooperation (DoC) group’s production increased by 60,000b/d. Since March, OPEC-9 has added 920,000b/d to its supply compared with the target of around 1.45m b/d, which translates into 63% of the objective. The OPEC+ DoC group has lost 130,000b/d of its production. It should have added almost 465,000b/d. Thus, the whole group has been able to reach 41% of their aimed output. This is the reason why prices are stuck in a $60–70/bl range. If the falling prices become politically and economically untenable for key members, a shift back to more
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
