Opec secretary-general Mohammad Barkindo
Brent heads for $82/bl as Opec+ holds steady
The cartel dashes expectations it might boost production ahead of schedule
Opec+ decided on Monday to continue into November with its plans to return 400,000bl/d per month to the market, amid speculation that soaring oil prices could have incentivised it to amend the proposal it made back in April. Brent crude surged back above the $80/bl mark to threaten $82/bl in Monday afternoon trading as the market digested the news that there would be no earlier restoration of production. “The Opec+ decision to continue with existing increments is likely to be supportive for oil prices in the immediate term,” Warren Patterson, head of commodities strategy, and Wenyu Yao, senior commodities strategist, at bank ING had forecast ahead of the decision, while flagging that “a one-
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
