Christof Rühl, member of the Advisory Board of Crystol Energy and a Senior Fellow at the Harvard Kennedy School and the Center on Global Energy Policy at Columbia University, discusses the latest global economic developments in this weekly interview to the Gulf Intelligence.
Christof talks about oil prices which have firmly consolidated above $70/bl despite small ‘turbulences’ thanks to rising oil demand and a recovering economy. He discusses OPEC and the group’s next steps, as well as the recovery of the US shale which has been slower than many expected.
He further comments on IEA’s recent call to open the taps, which contradicts the agency’s Roadmap to Net Zero by 2050, with the latter seeming to be more of a declaration that this is not going to happen. As such the idea to turn off oil production before we find new replacements might not be a good one. IEA also writes in the report that oil production is expected to be more concentrated as a result of the energy transition. In particular, if the world goes down that path to net zero, OPEC’s market share will go above 50%, the highest it has ever been.
Christof also talks about the G7 meeting and the new US administration that has been trying in a fast and efficient way to bring the US back to its international leading position, including addressing all issues that were left unresolved from the Trump’s agenda.
He is joined by Jorge Montepeque, President, General Index. Sean Evers, Managing Partner at the Gulf Intelligence, moderates the discussion.
Watch the full discussion:
“Oil Intensity: The curious relationship between oil and GDP“, Christof Rühl and Tit Erker, May 2021
“International Oil Companies and Energy Transition“, Dr Carole Nakhle, Jun 2021