Oil cartel’s production in 2025 will be more than 800,000 b/d below expectations
Producer group likely to watch US president-elect’s plans to impose sanctions against Iran and Venezuela, say analysts
Meeting pushed back by four days amid discussions over compliance with existing quotas
Cartel to leave output curbs in place an extra month in effort to boost anaemic crude prices
TL;DR: no one know what’s happening in the oil market
Demand from China weaker than expected, says International Energy Agency
Algos versus humans
Last week’s wipeout in prices prompted a flurry of forecast changes from analysts
Brent crude has fallen 13% since late August on concerns over slowing demand
Brent has fallen below $70 for first time in 3 years, delaying Opec plans for production increases
Members of group were set to unwind voluntary cuts from October but prices remain close to lows this year
Cartel should help members through an energy transition that will be devastating for many oil producers
IEA predicts more than 8mn b/d of excess capacity by 2030 as producers invest in pumping more crude
The oil cartel’s move to let up on production cuts highlights the challenges it is facing
Brent’s 1.4% drop after 4% fall the previous day follows cartel decision to unwind some production cuts
Both shale producers and offshore fields have become more efficient, which leaves the cartel in a tough spot
Oil cartel tries to placate members while conceding it has little room to increase production
Oil cartel wants to reassure members that 5.8mn barrels a day of cuts will not last for ever
Scott Sheffield slams ‘personal attack’ by US regulators who barred him from Exxon’s board
Oil cartel cancels in-person ministerial gathering as prices hover around three-month lows
The FTC’s ruling on Exxon-Pioneer deal shines a spotlight on the workings of Opec and industry executives
ExxonMobil agrees to bar Scott Sheffield from board after federal regulator’s allegations
Paris-based group trims forecasts, in sharp divergence with producers’ cartel Opec
Hedge fund expects Opec+’s control will allow cartel to define where prices go in the next 12 months
Production growth from the US and Iran puts pressure on Saudi Arabia
