Opec secretary-general Mohammad Barkindo
Brent heads for $82/bl as Opec+ holds steady
The cartel dashes expectations it might boost production ahead of schedule
Opec+ decided on Monday to continue into November with its plans to return 400,000bl/d per month to the market, amid speculation that soaring oil prices could have incentivised it to amend the proposal it made back in April. Brent crude surged back above the $80/bl mark to threaten $82/bl in Monday afternoon trading as the market digested the news that there would be no earlier restoration of production. “The Opec+ decision to continue with existing increments is likely to be supportive for oil prices in the immediate term,” Warren Patterson, head of commodities strategy, and Wenyu Yao, senior commodities strategist, at bank ING had forecast ahead of the decision, while flagging that “a one-
Also in this section
23 June 2025
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks
23 June 2025
A blockade of the Strait of Hormuz would have reverberations that would sound around the world
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
