OPEC still struggling to support oil prices
Letter on OPEC: OPEC’s ‘elastic’ supply problem
A high-price market management strategy will continue to prove difficult until demand makes a strong recovery
The world finally showed signs of recovery from the Covid-19 crisis in 2023. People started driving and flying to faraway business and holiday destinations. The expected ‘hard landing’ of the global economy has, most likely, been avoided. Stock valuations are higher than ever, and the US Federal Reserve may start cutting rates as early as March. For the first time, demand for oil exceeded the pre-pandemic record of 101m b/d in 2019. The IEA estimated that the world consumed 0.1m b/d more last year, with expectation of further growth of 1.4m b/d this year and another 1.3m b/d in 2025. So, with all the good news out there, why is OPEC still struggling to support oil prices? The first reason is
Also in this section
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
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
