UAE Energy Minister Suhail al-Mazrouei at the OPEC International Seminar in Vienna
OPEC+’s extra barrels mostly made of paper
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
OPEC+ has added just 160,000b/d of oil to the market since it started unwinding its production cuts in April, according to Petroleum Economist estimates. This is far below its pledged increase of nearly 960,000b/d. However, global demand has remained unexpectedly resilient, with lower fuel prices and a weaker dollar boosting consumption, especially in developing economies. This sustained consumption growth is keeping prices buoyant above $65/bl, even amid broader economic uncertainty and trade tensions. Whether these price levels will pressure shale producers and OPEC+ quota-breakers into compliance remains uncertain. Despite uneven compliance across the OPEC+ bloc, heavyweights within
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
