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Opinion

Surging oil prices are a crucial test for OPEC+ nations

Producers' alliance must not become a victim of its own success

| Middle East
Saudi Aramco's oil facility in Abqaiq, pictured in October 2019: crude supply has been deliberately restricted.   © Reuters

Vandana Hari is founder of Singapore-based Vanda Insights, which tracks energy markets.

The alliance of OPEC and non-OPEC oil-producing countries curtailing production since last year amid a COVID-induced slump has much to celebrate. Its efforts, coupled with a sharp pickup in oil demand from reopening economies over recent months, have nearly quadrupled crude prices in just over a year.

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