In this interview given to Nour Amache from Asharq Business Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, discusses the latest developments in oil markets.
Key takeaways:
- Dr Nakhle questions the accuracy of some publications reporting that OPEC+ could increase its oil production, as oil prices are hovering around the same levels that preceded the producers’ group decision to cut production by 2 million barrels a day (Mb/d) at its last meeting in October.
- Following the war in Ukraine, the International Energy Agency (IEA) warned that 3 Mb/d of Russian oil could be lost from the market. That forecast proved to be too pessimistic.
- On the demand side, Covid related policies continue to shape China’s economic outlook with repercussions on global oil demand and market.
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