Opec and non-Opec agree a rollover, with caveats
Cuts extended to end-2018, but with a built-in escape hatch—and an implicit threat to other producers
Saudi Arabia got what it came for in Vienna on 30 November—a nine-month extension to the cuts that would otherwise have expired in Q2 2018. It forced Libya and Nigeria to accept a cap on output. The revised deal will start from 1 January 2018 and remains a total removal of 1.8m b/d of supply from Opec and non-Opec. It secures Moscow's cooperation again, dispelling for another few months the doubts that had surfaced about Russia's commitment. "Supply is going to be fully adhered to," said Saudi oil minister Khalid al-Falih in the press conference after the meeting. "We won't expect the surprises, as we saw in 2017." Asked if the kingdom would be prepared to cut more deeply in 2018 to speed th
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
