OPEC, Oil Prices, and the US: Reasons for, and Solutions to, the Current Crisis

Dr Carole Nakhle, CEO of Crystol Energy,  spoke on the state of global energy markets, the ‘standoff’ between the US and OPEC/Saudi Arabia/Russia and the impact of the current crisis on energy transition at the online discussion hosted by Gulf International Forum.

Dr Nakhle was joined by Dr Jim Krane, Wallace S. Wilson Fellow for Energy Studies, Rice University’s Baker Institute for Public Policy, and Dr Jean-François Seznec, Founder and Managing Director, Lafayette Group LLC. Rachel Ziemba, Founder at Ziemba Insights and Non-Resident Fellow at GIF, moderated the discussion.

Some of the key topics covered by the speakers included:

  • What is the current status of the OPEC+ grouping, and will it survive a possible boycott of Russian oil or mounting U.S. pressure on Riyadh?
  • How long can OPEC+ keep prices above $100 per barrel?
  • Will Biden’s visit to Riyadh encourage the Saudis to pump more oil, or is their commitment to OPEC+ and their desire for higher oil prices more important than improved relations with Washington?
  • What is the feasibility of NOPEC, and what would the likely consequences be of the legislation’s passage?
Watch the discussion:

Related Analysis

Energy Sanctions and the Global Economy: Mandated vs Unilateral Sanctions“, Christof Rühl, May 2022

Sanctions and the Economic Consequences of Higher Oil Prices“, Christof Rühl, Apr 2022

Energy Markets and the Design of Sanctions on Russia“, Christof Rühl, Mar 2022

Related Comments

A changing global energy map“, Dr Carole Nakhle, Jun 2022

Global oil markets and OPEC+ plans“, Dr Carole Nakhle, Jun 2022

A new oil cartel?“, Dr Carole Nakhle, May 2022

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