Opec continues to stick the 2020 output restraint deal
Opec’s swing producers to stick to deal
Opec’s top producers are unlikely to deviate from an agreement that has brought market stability and buoyed prices
Saudi Arabia has continued to reject calls from the US to increase oil production as Brent crude hovers around $90-100/bl. The latest rejection comes amid increased speculation that the Kingdom and the UAE—holders of the bulk of global spare production capacity—could break from the 2020 output restraint deal signed between Opec and ten non-member countries in order to increase their market share and make the most of current prices. The US State Department’s energy envoy, Amos Hochstein, and National Security Council Middle East coordinator, Brett McGurk, held talks with Saudi officials in Riyadh in February with the goal of pressuring the country to raise production and stabilise the market.
Also in this section
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
