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
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
