Navigating the Storm: ‘OPEC+’ Producers Facing Lower Oil Prices

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Publication Date June 2018
ISBN 978-2-56567-883-4
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On 22 June 2018, “OPEC+” oil Ministers (Organisation of Petroleum Exporting Countries members and an ad hoc alliance with several non-OPEC producers, notably with Russia, Kazakhstan and Azerbaijan) will gather in Vienna to discuss the status and future of their production limitation agreement which was initiated in November 2016 and runs until the end of December 2018.

This landmark agreement has been a game changer for oil markets, as Saudi Arabia agreed to cut production (and implicitly exports) and Russia agreed to postpone the increase of its record high and steadily rising liquids output.

This analysis highlights the extent to which ten producers under scrutiny have been economically hit by lower prices and will want to cash in on present price rises, possibly seeking to ramp up production and exports where possible, especially since the fall in Venezuelan output is now larger than the Saudi production cut.

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