Opec+ stress test as oil price lifts off
Cartel heavyweight Saudi Arabia draws heat from White House and Russia
What next for the oil price? An increase of about 40pc since January to c$74/bl has been spurred by the Opec+ supply cuts, as well as US sanctions against Iran and crisis-hit Venezuela, where production losses have been deeper than forecast. On trading floors, the mood is one of uncertainty — not least about the impact on future supply following President Trump's recent decision to scrap waivers granted to some countries, including China, following the imposition of Iranian sanctions from January. The immediate response was another leg-up in the oil price. Now, the question is whether traditional swing producer Saudi Arabia will step in and plug the gap left by the potential loss of even mor
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
