Letter from the Middle East: Opec balances Russia and the West
The cartel is happy to wait for further developments before committing to more drastic action
US president Joe Biden seems to have come away from his first diplomatic visit to Saudi Arabia in July empty-handed, with the Opec+ alliance in early August swiftly deciding on only a small rise in output targets from September. But the current US administration should not have expected anything different. The announced production increase by Opec+ of 100,000bl/d is so small it seems cosmetic at best and insulting at worst. And the situation is exacerbated by the fact that supply constraints mean the actual physical increment will be more like 50,000-60,000bl/d—even assuming Saudi Arabia, the UAE and Iraq make full use of their extra allowances. In contrast, a briefing by the US’s Middle Eas
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region