The great OPEC+ reset
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
OPEC+'s gradual unwinding of voluntary production cuts could be seen as an epic three-part tale that contains a protagonist with various identities. The first instalment of the trilogy involved a thrilling and somewhat surprising move to fully unwind the 2.2m b/d from the ‘OPEC+8’, which includes those producers —Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman—taking on the burden of additional cuts. That culminated in a rather predictable and comforting finale of an announced production increase of 547,000b/d for September. Now that the November 2023 tranche is soon to be fully unwound, the focus is how the OPEC+8 plotline will unfold for the second part—the April 2023
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.
