Outlook 2024: OPEC at the wheel
OPEC+ has created a new and higher oil market floor that both sets the scene to revive oil investment and has the begrudging acceptance of consumers
OPEC+ is back in the driving seat. For several years it has felt like huge black swan events have been controlling oil markets and the 23-nation producer alliance has been more in damage control mode than focused on fine-tuning market stability. But that tentatively has all changed. Indeed, oil prices appear to be lacking direction but that is maybe because, for OPEC+, whisper it quietly, they have already reached a destination of sorts. The oil market’s new-found equilibrium of between $80-100/b seems to have the implied support of producers and consumers alike. OPEC has shown it is likely to intervene if either prices drop into the $70s or there are alarming signals around demand. The Gulf
Also in this section
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
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well