OPEC+ Gives Up Trying To Boost Prices. What’s Next?

For over two years, OPEC and its partners from Central Asia, led by Russia, tried to push oil prices higher by withholding oil supply. Some did it more successfully than others. Saudi Arabia especially excelled at curbing supply—to no avail. Factors outside OPEC+’s control caused prices to slide lower and stay lower. And OPEC+ has now come to terms with this, it seems. For the time being. “You can’t scream into the storm forever,” Bill Farren-Price, senior research fellow at the Oxford Energy Institute, told the Financial…