Opec, cornered
The group has no real option but to roll over its deal on 25 May. Prices should rise in the second half of the year—and then the policy debate will start again
All signals point to an extension of the Opec cuts on 25 May. Gulf producers are on board, above all Saudi Arabia, whose oil minister Khalid al-Falih thinks the policy should continue until global oil stocks are back within historical ranges. Venezuela will be happy to roll over the deal—the cuts make a virtue of its steady output decline. Compliance has been surprisingly high, showing a group-wide commitment. Unless Opec members are ready for more economic pain the extension should be baked into forecasts. The cuts haven't restored the $60-a-barrel-plus prices Saudi Arabia is thought to seek. But they prevented a slide back into the $40s or even $30s-basement prices that might have been rea
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
