The Historic Agreement between OPEC and Non-OPEC on Production Cuts

Dr Valentina Dedi

In an interview given to Stasa Salacanin from The New Arab, Dr Carole Nakhle, Director of Crystol Energy, comments on the historical deal between OPEC and non-OPEC members, highlighting that 2017 will be a big test for OPEC and its ability to act coherently.

RussiaDr Nakhle adds that OPEC has succeeded in setting a floor to the oil price so far, even though the deal has not been fully implemented yet. Prior to the deal, some analysts were buy roaccutane online forecasting an oil price below $30 a barrel. However, she explains that even if the deal is properly implemented by both OPEC and non-OPEC countries, it will still take some time to absorb existing inventories and any increase in price will be met by an increase in activity in US shale oil which can dampen the effect of the deal. Dr Nakhle also cautions that any further production cuts will risk OPEC losing market share.

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