OPEC+ cuts may push oil prices above $80
Mr. Choeib Boutamine
January 4, 2024
In an article published by attaqa-energy-platform, energy advisor and CEO of Ranadrill Consulting, Mr. Choeib Boutamine, did not rule out that prices could drop to less than $75, as they could slightly exceed $80.
The CEO of Ranadrill Consulting states that some geopolitical conditions directly affect oil prices, especially when it comes to crossings, as for instance the current situation in the Red Sea.
He, however, points out that analyzing the oil market does not rely much on circumstantial situations, given that prices quickly return to “the market fundamentals”.
Regarding the Opec+ cuts, Mr. Choeib Boutamine says that these cuts will not serve the organization’s interests in the medium and long term, because it is losing a market share to other non-member countries.
