Dr. Carole Nakhle, CEO of Crystol Energy, and Christof Rühl, Global Advisor at Crystol Energy, were featured in Gulf Intelligence’s Global Energy Outlook 2026, Top 50 Market Voices report. Their contributions offer a clear read on what will shape energy markets in 2026, from the macro drivers of demand to the strategic logic behind Gulf capacity expansion. The report content draws on commentary delivered during the 16th Global Energy Outlook Forum, held on 8 January 2026.
Key takeaways from Christof Rühl include:
- Inflation and debt dynamics are set to shape the energy demand story more than geopolitics, because they influence growth, consumption, and investment decisions across economies.
- The near term demand picture looks softer for oil, while it looks stronger for natural gas and supportive for nuclear, with coal prospects mixed but still tilted positive in parts of the market.
- Electricity demand is the standout exception, since power consumption keeps rising on electrification and the rapid build out of AI and data centres, which strengthens the case for gas in the generation mix.
Key takeaways from Dr. Carole Nakhle include:
- Gulf capacity expansion is not a short term bet on prices. It is a long term play to preserve relevance and resilience in a market that is more competitive and more selective.
- OPEC plus influence increasingly comes through disciplined market management that supports price stability, not through chasing volume growth.
- Competition will be shaped by cost, reliability, and carbon intensity, which favours producers that can deliver lower cost barrels and adapt to tighter climate linked constraints.
- Potential new supply, including a gradual and uncertain return from Venezuela, adds complexity and reinforces why cohesion and credibility matter for market stability.
Together, their messages point to a 2026 market shaped by economics as much as geopolitics, where volatility will persist but advantage will accrue to those who stay disciplined and adaptable. With inflation, electrification, and policy uncertainty all in play, producers and investors will need to focus on resilience, cost leadership, and credible long term strategies that can perform across multiple scenarios.
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“Global oil market dynamics after U.S. intervention in Venezuela“, Dr Carole Nakhle, Jan 2026
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“Venezuela, geopolitics, and what moves oil prices in 2026“, Dr Carole Nakhle, Jan 2026
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