Some of the main points covered during the discussion:
- OPEC has been warning for years of the need for more investment in the oil and gas sector to avoid supply crunches like the one we are witnessing today.
- The increase in OPEC+’s production as announced in the group’s August meeting is symbolic and is the lowest increase in both the coalition and OPEC’s history.
- The recovery in Libyan production, the revival of the nuclear talks with Iran and the gloomy global economic outlook are all weighing down on the oil prices.
- Saudi Arabia and to a certain extent the UAE are the only countries that are able to make a difference in the oil markets due to their spare capacity.
“Russia’s oil is in long-term decline – and the war has only added to the problem“, Dr Carole Nakhle, Jul 2022
“Biden set sights on pledge for more oil from Gulf allies“, Dr Carole Nakhle, Jul 2022
“OPEC+ alone can’t fix Joe Biden’s oil problem“, Dr Carole Nakhle, Jul 2022
“Could Iran and Venezuela Help Biden’s Gas Crisis?“, Dr Carole Nakhle, Jun 2022