Opec to extend, tight oil to grow
The group is expected to extend its cuts deal. But global supply could still surge
Opec is almost certain to extend its cuts for the second half of 2017 when it meets on 25 May in Vienna. The group's most powerful member, Saudi Arabia, has signalled to the market to expect a rollover. Its neighbours in the Gulf, including Iraq, say they are on board. Venezuela is desperate for higher prices. "The deal is 99% done," one insider told Petroleum Economist recently. Oil prices haven't risen as high as most members would like, but they're well above the level they would have reached without a deal, and all members fear a sell-off if an extension isn't agreed later this month. Opec thinks one more heave will be enough to help the market turn a corner in the second half of the yea
Also in this section
13 February 2026
Artificial intelligence is pushing electricity demand beyond the limits of existing grids, increasing the role of gas and LNG in energy system planning as a fast, flexible solution
13 February 2026
Panellists at LNG2026 say demand growth will hinge less on the level of global supply and more on the pace of downstream buildout, policy clarity and bankable market frameworks
13 February 2026
The Middle Eastern gas giant and Asian energy heavyweight ink a 20-year landmark LNG agreement at LNG2026 in a significant step towards strengthening global energy partnership
13 February 2026
Coherence and conviction through trusted partnerships seen as underpinning risk management in order to spur further LNG growth, panellists at LNG2026 say
