Opec+ has gone through some dry times. But now it has struck oil. Saudi Arabia and Russia’s production cuts have succeeded in lifting oil prices by 27 per cent to $95 per barrel since the end of June. With oil now within sight of last year’s $100/bbl average, consensus estimates for the energy sector look out of date.
This run marks a return of form for the cartel. Not so long ago, member producers quailed at tighter output quotas, fearing a rapid supply response from US shale producers. The new financial discipline demanded by exploration and production investors — profits before growth — has given Opec a stronger hand.
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