The comeback
Opec's deal is a seismic moment for the oil market. But forces beyond the group's control will decide how effective the cuts are
Kill the theories of Opec's demise. In one swoop on 30 November, the group has ended years of inaction, solved a raft of thorny internal problems and put itself back in the market's driving seat. Two years ago, on the eve of the fateful November 2014 meeting that would see Opec refuse to shore up a plunging market, a Saudi official said the kingdom was taking its "hands off the tiller". Now it wants the wheel back. The market has a new floor above $50 a barrel, and Opec will defend it. Call it the Falih Put. The deal on 30 November, coming just two months after the Algiers Opec meeting that promised action and eight years after the group last cut output, means the market now has a prop. Opec
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
