In this interview given to Joumana Berteche from Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, discusses the recent shift in OPEC+’s oil market strategy.
Key highlights:
– OPEC+ will raise oil production by 547,000 barrels a day in September, fully ending earlier 2.2 million b/d supply cuts — a quick decision showing strong unity.
– The move comes as summer travel and Middle East power needs push up demand, while global sentiment improves with progress on trade tariffs.
– So far, the market has absorbed extra oil without major price shocks, even though some members must cut back after earlier overproduction.
– OPEC+ is shifting strategy — from defending high prices to regaining market share, as extended cuts often benefited non-members more than the group itself.
– Risks remain from Russia, Iran, and regional instability, and while the U.S. may welcome lower prices, shrinking spare capacity leaves the market more exposed.
– The key question: When and how will OPEC+ restore the rest of its withheld barrels without unsettling oil markets?
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