Opec to stick with no cuts policy in Vienna
Opec is likely to sit on its hands this week in Vienna, hoping the market vindicates its policy in 2016
Global oil stocks are at record highs. The demand surge of 2015 is over and consumption growth next year will be more modest. US interest rates may be about to rise, putting more pressure on crude prices. Opec is producing well above its agreed ceiling. Non-Opec output continues to chug along at levels above expectations. It makes for a bearish picture, but barring a major surprise Opec will stick to its no-cuts policy in Vienna on 4 December. None of the necessary pre-meeting work to change tack has happened and price support is not on the agenda. Market recovery remains the goal of lynchpin Saudi Arabia and the other Gulf members. When Opec does get back to cutting, it will happen in a fir
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
