There has been some respite for oil producers with crude rising above $60/bbl and Opec and its allies agreeing on 4 March to further stabilise the market by rolling over their quota regime (except for Russia and Kazakhstan, which Opec kingpin Saudi Arabia agreed could have increases while it maintained its extra 1m b/d cut). This will please price hawks who fear another slump later this year will further undermine oil producers’ economies; they are opposed by output hawks, who want to produce more oil to maximise their revenues now.
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