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Despite Sanctions, Russia remains the third biggest oil producer in the world

In this interview with Maya Hojeij from Asharq Business Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, discusses the possible outcomes of the next OPEC+ meeting.

Dr Carole Nakhle discusses the possible outcomes of the next OPEC+ meeting with Maya Hojeij from Asharq Business Bloomberg

Some of the points covered during the interview:

  1. Historically, OPEC spare capacity has been concentrated in three major Gulf producers – Saudi Arabia, the United Arab Emirates and Kuwait.
  2. Iran and Venezuela can also add incremental barrels to the markets should sanctions on these barrels be lifted.
  3. The imposition of a price cap by the G7 on Russian oil supplies is unlikely to yield any effect as it excludes major oil consumers such as China and India. If implemented, it would only accelerate the shift in trade flows of Russian oil supplies from Europe to Asia.
  4. The recent drop in oil prices is not guaranteed to continue as there are many moving parts. However, the biggest risk would be demand destruction should the fears of global economic recession materialise.

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