Opec+ ministers are in a tight spot: demand might not be as strong as they thought
Opec+ is in a tight spot
Oil producers’ demand outlook not as bullish as thought as output cuts have limited impact
Oil ministers from the 23 members of the Opec+ alliance met in Vienna on 4 June to discuss the state of the market and to decide what, if anything, to do to prop up prices. When, on 5 October 2022, Opec+ made a surprise cut of 2mn bl/d to its production ceiling, the price of Brent crude was $93.37/bl. In April, when voluntary production cuts by some members of the alliance totalling 1.15mn bl/d were announced, the price was $84.93/bl. In early May, the price of front-month Brent crude dipped below $80/bl and it has stayed there ever since, bottoming out at slightly below $71/bl just before the ministers sat down for talks. There is no official price target set by Opec+, but it is widely beli
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
9 December 2025
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
