In this interview with Nour Amache from Asharq Business Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, discusses the global dynamics in oil markets.
Addressing the issue of NOPEC, Dr Nakhle argues that this is not the first time that the bill has been proposed. However, no US president (whether a Republican or a Democrat) has signed the bill to date which is required to become effective. It is likely that this bill is used as a warning to OPEC, as the price of oil continues to cause discontent at the pump in the US. The bill would have major repercussions on US relations not only with Saudi Arabia but all of the OPEC countries.
On OPEC+’s next meeting, Dr Nakhle says that, from the producers’ group perspective, current market signals do not strongly support a deviation from existing plan. In particular, economic growth is increasingly looking fragile. The economic cost of the zero-covid policy is proving high in China, the biggest oil importer in the world. These developments partly explain why oil prices have retreated from the levels we saw when the war in Ukraine started.
Watch the discussion (in Arabic):
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