Javier Blas, Columnist

OPEC+ Enters 2024 With `Wait and Hope’ as Its Strategy

Any weakness in oil demand or increase in supply — or both — could push the market into a surplus next year.

December 19, 2023 at 5:00 AM UTC

Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”

A logo outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.

Photographer: Andrey Rudakov/Bloomberg via Getty Images

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Saudi Energy Minister Prince Abdulaziz bin Salman is apparently keen on Alexandre Dumas, often calling foes – Wall Street oil analysts and journalists alike - “musketeers.” I’m also a fan of the French novelist; but rather than D’Artagnan, I prefer The Count of Monte Cristo. Which brings me to my favorite Dumas’ quote, apposite for describing the Saudi oil strategy going into 2024:

Last month, the Saudis rolled over their unilateral oil production cuts into the New Year, and convinced a few others inside the OPEC+ cartel to cut output further. Now, they wait and hope.