Ready to deal, Saudi Arabia waits on Iran
The kingdom is ready to ditch its laissez-fair market strategy and cut production. Iran needs to come on board, but an agreement is close
The guts of an Opec deal to remove up to 1m barrels a day of oil from the market are in place. It may take several weeks for the terms to be ironed out but Saudi Arabia has signalled that the period of Opec passivity is over. Russia is on board with the deal and its energy minister Alexander Novak says it will freeze its output, “once Opec agrees”. Iran remains the final obstacle and is sticking to its wish to recover pre-sanctions production levels. But it is understood to be flexible and the mood within Opec is upbeat. Secretary-general Mohammed Barkindo is said to be “cautiously optimistic”. Khalid al-Falih, the Saudi oil minister, says the agreement “will give clarity to the market”. The
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
