Saudi Energy Minister Khalid al-Falih says the kingdom has already cut crude output to below 10mn b/d. Signs that Opec is serious in complying with its 30 November output deal have boosted prices providing a much needed shot in the arm for battered Opec economies. But whether they will be the long-term ‘winners’ is less clear.

“[Saudi] oil production now is below 10 million [b/d] so far [in January]... we’re going the extra mile to lead our colleagues within and...