Oil prices—is the worst over?
Supply-demand balances are tightening and sentiment is turning, but the next two quarters will be decisive
"Lower for longer" has been boilerplate podium-speak at industry conferences for the past two years—almost now an industry cliché. The consensus view is that whatever Opec does oil prices can't rise much beyond $55-60 a barrel, because tight oil producers will leap to the pump and smother any rally. But another rally is indeed underway and—say nervous whisperers—this one might have some staying power. On 25 September, Brent was trading in London above $57 a barrel, a 25% gain since threatening to push below $45/b on 21 June. WTI's performance has been less bullish, but the benchmark, above $50/b as Petroleum Economist went to press, has still posted a 16% rise in the same time. A pause is li
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
