Is this the bottom?
The Doha deal and some changing sentiment are giving hope to a struggling market
After plunging to 12-year lows in mid-January, Brent prices have traded in a steady range of between around $30-35 a barrel, raising a simple question: has the market bottomed out? A significant shift in Saudi Arabia's previous policy to keep the taps running at all costs gives some sign that it has. Cajoled by Venezuela, on 16 February the kingdom joined Russia and Qatar (involved because it holds the Opec presidency) in agreeing to freeze crude production at January's levels. Front-month Brent futures responded by making temporary gains above $35/b before dropping back down to around $32/b later that day. The four-nation Doha deal might have shown a new Saudi willingness to consider suppl
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
