Opec's 2019 dilemma
The cartel faces unprecedented challenges, amid sceptism that output cuts will avert a global supply glut
Bearish voices are loudest these days. Several big houses have downgraded their 2019 price forecasts: Goldman Sachs has gone from $70/bl to $62.50/bl, citing a surge in production, particularly from US shale. Opec may be less influential than it used to be, but still accounts for more than 40pc of global oil supplies against 53pc in the 1970s. Clearly, it has more clout when acting as Opec+, the wider cartel that includes Russia and Kazakhstan—which struck a supply cuts accord in Vienna in December. Despite Opec's heft, with mega-producer Saudi Arabia at the helm, undercurrents in the global energy marketplace are viewed as unsettling. Garbis Iradian, chief economist for the Mena region at W
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
