- 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.
“Saudi Arabia defends OPEC+ production cut“, Dr Carole Nakhle, Oct 2022