Opec+ ministers are in a tight spot: demand might not be as strong as they thought
Opec+ is in a tight spot
Oil producers’ demand outlook not as bullish as thought as output cuts have limited impact
Oil ministers from the 23 members of the Opec+ alliance met in Vienna on 4 June to discuss the state of the market and to decide what, if anything, to do to prop up prices. When, on 5 October 2022, Opec+ made a surprise cut of 2mn bl/d to its production ceiling, the price of Brent crude was $93.37/bl. In April, when voluntary production cuts by some members of the alliance totalling 1.15mn bl/d were announced, the price was $84.93/bl. In early May, the price of front-month Brent crude dipped below $80/bl and it has stayed there ever since, bottoming out at slightly below $71/bl just before the ministers sat down for talks. There is no official price target set by Opec+, but it is widely beli
Also in this section
7 January 2026
No longer can the energy source be considered a sidekick to oil in the Middle East and neither should it step aside for less convincing alternatives
7 January 2026
The global race for critical minerals has become a defining feature of energy geopolitics, presenting the ASEAN region with both opportunity and risk
7 January 2026
As global energy systems evolve to meet shifting demand and transition pressures, maintaining reliable hydrocarbon supply remains essential to energy security
6 January 2026
Cash will be needed to boost production by 30% to meet region’s rapidly rising power demand, executives told the inaugural Middle East Gas Conference in December
