At the 2026 Global Energy Outlook Forum, Dr. Carole Nakhle, CEO of Crystol Energy and Secretary General of the Arab Energy Club, joined Dyala Sabbagh of Gulf Intelligence for a featured conversation on how Gulf producers are positioning for 2026 and beyond.
The discussion explored what “success” looks like for OPEC, why the group is signalling caution despite healthy fundamentals, and how supply growth could shape pricing power in a more competitive demand environment. It also examined the longer term case for Gulf capacity expansion, the rising role of carbon intensity in competitiveness, and the potential market implications of Venezuela’s uncertain outlook.
Key takeaways:
OPEC’s recent strategy helped keep prices from falling sharply, while returning some withheld barrels without triggering a price crash.
A cautious stance on adding barrels is being driven by uncertainty and wild cards, even with low inventories and stable growth signals.
The critical variable is the pace of supply growth, since faster supply can limit how much OPEC can add without pushing prices down.
Gulf producers retain a long term advantage through scale, low costs, and relatively low carbon intensity, plus the need to offset natural decline.
Venezuela’s potential return is real but likely slow, and its biggest near term impact may be on OPEC cohesion and heavy crude competition, with the US as a natural destination for any additional flows.
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