OPEC headquarters in Vienna
No foregone conclusions for OPEC+
OPEC+ has huge amounts of spare capacity amid a tightening market, but nothing can be taken for granted given unclear economic trajectories and geopolitical unrest
Oil prices remain stuck in a narrow range despite geopolitical tensions, and while the upcoming OPEC+ meeting might change that, it might not. Since OPEC+ ministers met virtually at the end of November 2023, oil prices increased from around $80/bl to close to $90/bl in mid-April before falling back and remaining in a narrow range. Although Iran has become more directly involved in the Middle East conflict, prices have not really spiked. This contradicts the fashionable view among some excitable members of the analyst community that $100/bl oil was only a matter of time. With economies around the world emerging from the Covid-19 pandemic and with ongoing problems in global supply chains—in
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
