Opec's next balancing act
The oil market is at a crux point as bullish and bearish forces battle to set the tone
After a long hot afternoon around a circular table in Algeria, Opec struck its deal with Russia to start cutting oil production. It was September 2016 and the agreement-the "Algiers Accord", as Opec now styles it—was the beginning of the end of the oil-price slump. The partners will ride back into Algiers again in the final week of September to honour the date. The deal has become central to Opec's branding under secretary-general Mohammad Barkindo. Celebrations are planned. The cutters have every reason to be pleased. The supply glut has been gone now for months. A barrel of Brent crude oil, about $55 two years ago, has traded above $70/b since mid-April 2018. Saudi Arabia is said to want t
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind