Issue 1072, 1 November, 2018

Article length: 540 words

More stable oil prices could reduce budget problems in 2019

The oil price remains volatile, but ministries of finance may take comfort in the views of their hydrocarbons sector counterparts – and a majority of international analysts – that crude won’t collapse once more this year. This reflects on the success of the Opec+ group – comprising the Organisation of the Petroleum Exporting Countries, Russia and nine other non-Opec producers – in raising prices in the past year. Opec’s co-ordination with non-Opec partners under the so-called Declaration of Co-operation encouraged crude prices to peak at around $85 a barrel (/bbl) in October.