Opec secretary-general Mohammad Barkindo
Brent heads for $82/bl as Opec+ holds steady
The cartel dashes expectations it might boost production ahead of schedule
Opec+ decided on Monday to continue into November with its plans to return 400,000bl/d per month to the market, amid speculation that soaring oil prices could have incentivised it to amend the proposal it made back in April. Brent crude surged back above the $80/bl mark to threaten $82/bl in Monday afternoon trading as the market digested the news that there would be no earlier restoration of production. “The Opec+ decision to continue with existing increments is likely to be supportive for oil prices in the immediate term,” Warren Patterson, head of commodities strategy, and Wenyu Yao, senior commodities strategist, at bank ING had forecast ahead of the decision, while flagging that “a one-
Also in this section
4 March 2025
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
4 March 2025
EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
4 March 2025
Gas auctions underperform, signalling a slow start to 2025 after bumper 2024
3 March 2025
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
