Related Articles
Forward article link
Share PDF with colleagues

Opec expected to roll over production ceiling

Cartel likely to focus on El-Badri's successor rather than on changing output quotas

When the biggest excitement around an Opec meeting is about a technocratic appointment to head the group’s secretariat, oil traders can rest easy. Opec meets in Vienna on 12 December with oil consistently trading within a price range that should satisfy both the group’s price hawks — Algeria, Iran, Iraq and Venezuela — and the doves of the Gulf, led by Saudi Arabia. That suggests the group will roll over its 30 million barrel a day (b/d) production ceiling tomorrow. Any efforts — possibly led by Iran — to persuade Opec to lower the ceiling will be rejected by Saudi Arabia, the group’s lynchpin. The Kingdom has spent the past eight months insisting that prices should ease back towards $100

Also in this section
Opec ushers in the next market cycle
11 May 2018
Opec and partners have cleared the glut—but will keep cutting. The strategy will support prices, but recreate the conditions that brought about the last bust
China seeks to solidify oil future
4 May 2018
The successful launch of the long-awaited Shanghai oil futures contract showed it is gaining sway in global energy markets
The price is right
5 April 2018
With the help of thirsty consumers and collapsing Venezuelan output, the market seems at last to have found its range