Iran, the UAE and Libya to pose Opec+ headaches
Covid-19 has forced Opec+ to weather unprecedented oil demand destruction and oversupply. 2021 will be equally as challenging
To claim Covid-19 has clashed with the interests of Opec+ producers through 2020 is a blunt understatement when considering the struggles faced by the organisation through the year. Stark demand destruction—in excess of 10mn bl/d through much of 2020—was only made worse by a short-lived Saudi–Russian price war during April. The combination helped to explode the size of global inventories while simultaneously pushing spot prices to levels not seen in over a decade. As a result, Opec+ has been forced to undergo historic production restraint to assist in the market rebalancing effort. Despite recent improvements in the marginal oil supply-demand balance, the producers’ club will face several is
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
