In an interview given to Sputnik, Dr Carole Nakhle, CEO of Crystol Energy, comments on the effectiveness of the impressive adherence to the six-month agreement between OPEC and leading non-OPEC producers, concluding that the impact of the deal has been “disappointedly limited” as it has failed to add a sustainable upward pressure on oil prices. Dr Nakhle adds that there is a consensus that the agreement should be extended, but she cautions that the effectiveness of the extension depends significantly on some limiting factors; namely shale production, conventional oil production, demand growth, and inventories, among others. Dr Nakhle also discusses the role of Russia in the production cuts deal.
Why Angola left OPEC
As OPEC strived to prop up oil prices with production limits for its members, Angola was caught between the organization’s policies and its own interests.