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
Technology and the oil industry
13 April 2017
Automation, machine learning, artificial intelligence and other new technologies could transform the oil industry
Spikes and troughs
12 April 2017
Only real supply-side intervention has stopped oil-price volatility. But those days are gone, argues Bob McNally's new book
More boom, more bust for oil
12 April 2017
The industry's history suggests that Opec’s latest efforts to stabilise the oil price will not be successful