Where Is OPEC+? Riyadh and Moscow’s Silence Is Becoming Deafening
Prague Caps Fuel Prices, Taxes Orlen's ‘Windfall’ Refining Margins Cyril Widdershoven is a senior maritime, energy, and geopolitical analyst and Senior Advisor at Blue Water Strategy, specialising in the strategic intersection of shipping, ports,… “The roar of the engines does not herald true dominance, but the absolute silence that precedes the strike." “Let your plans be dark and impenetrable as night, and when you move, fall like a thunderbolt." The last decades of silence from the world’s leading oil group, OPEC, or its derivative, OPEC+, were always linked to the above-mentioned military strategic statements.
However, that is no longer the case: an OPEC+ meeting now moves oil prices before ministers even enter the room.
A carefully placed Saudi comment, a Russian signal, or a leaked production proposal can add several dollars to Brent.
Traders watched Vienna, Riyadh and Moscow because the producer alliance appeared capable of removing barrels, restoring them and, last but not least, presenting a united political front.
This market power has not disappeared but has become badly diluted.
OPEC+ still controls enormous reserves, substantial production and most of the world’s immediately available spare capacity.
However, at present, the market increasingly resembles an institution reacting to events rather than shaping them.
Its public language remains confident, but its internal structure is becoming narrower.
Its quota system is more contentious, while its capability to translate announced production policy into actual market control has severely weakened.
The silence from Riyadh and Moscow is therefore not reassuring.
It is worrying, especially for those who rely on stable markets, as it may undermine their confidence in the alliance's effectiveness.
It takes only four years to see a huge contrast.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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