May 10, 2025
How Saudi Arabia is cranking up the pressure on its OPEC allies

How Saudi Arabia is cranking up the pressure on its OPEC allies


YOU cannot fault the Organisation of the Petroleum Exporting Countries for its communication. On May 3rd it and its allies (OPEC+), which supply 40% of the world’s crude oil, announced that they would crank up output by 411,000 barrels a day (b/d) in June—triple what analysts had expected, and equivalent to 0.4% of global demand. Global prices briefly sank below $60 a barrel, nearing four-year lows; they remain 6% below their level of April 28th, when rumours of a supply boost first emerged. In a statement, the group gave a straightforward reason for its decision: “healthy market fundamentals”.



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