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Global oil markets: from OPEC+ cuts to peak demand

In this interview given to Stephen Sedgwick and Dan Murphy from CNBC, Dr. Carole Nakhle, CEO of Crystol Energy, comments on the latest oil market dynamics.

Dr Carole Nakhle discusses the latest oil market dynamics in this interview with CNBC

Key takeaways:

– OPEC+ has succeeded in tilting the market balance in their favour, however many uncertainties remain particularly on the demand side. China continues to be a wild card and the global macroeconomic outlook (including the lagged effect of monetary policy) is not clear. 

– The oil price threshold that causes demand destruction is still unknown. 

– Although high oil prices do not cause inflation, they do contribute to the upward pressure on prices – which could complicate the job of central banks around the world.

– Peak demand will occur, but nobody knows when. Current forecasts are built on a wide range of assumptions which can easily change, particularly those dependent on government policies.

Related Analysis

Oil market: Shifting expectations“, Dr Carole Nakhle, Jul 2023

Related Comments

US SPR faces existential crisis“, Dr Carole Nakhle, Aug 2023 

Energy transition and price outlook“, Dr Carole Nakhle, Jul 2023

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