Opec and non-Opec agree a rollover, with caveats
Cuts extended to end-2018, but with a built-in escape hatch—and an implicit threat to other producers
Saudi Arabia got what it came for in Vienna on 30 November—a nine-month extension to the cuts that would otherwise have expired in Q2 2018. It forced Libya and Nigeria to accept a cap on output. The revised deal will start from 1 January 2018 and remains a total removal of 1.8m b/d of supply from Opec and non-Opec. It secures Moscow's cooperation again, dispelling for another few months the doubts that had surfaced about Russia's commitment. "Supply is going to be fully adhered to," said Saudi oil minister Khalid al-Falih in the press conference after the meeting. "We won't expect the surprises, as we saw in 2017." Asked if the kingdom would be prepared to cut more deeply in 2018 to speed th
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
