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
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
24 April 2026
The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification
24 April 2026
A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks
24 April 2026
Countries in the region are turning to the cleaner-burning fuel for power generation, driving demand for imports
