Storage tanks at the Airankol oilfield in Kazakhstan
OPEC’s realignment
The group is cleansing itself of non-compliers and resetting expectations as it unwinds quicker than expected in a bid to go beyond production quotas
OPEC-9 output rose by 170,000b/d month-on-month in August, to 22.22m b/d, according to Petroleum Economist estimates, while the OPEC+ Declaration of Cooperation (DoC) group’s production increased by 60,000b/d. Since March, OPEC-9 has added 920,000b/d to its supply compared with the target of around 1.45m b/d, which translates into 63% of the objective. The OPEC+ DoC group has lost 130,000b/d of its production. It should have added almost 465,000b/d. Thus, the whole group has been able to reach 41% of their aimed output. This is the reason why prices are stuck in a $60–70/bl range. If the falling prices become politically and economically untenable for key members, a shift back to more
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
