Will OPEC+ delay the resumption of oil cuts?
Mr. Choeib Boutamine
August 11, 2024
Mr. Choeib Boutamine, energy expert and CEO of Ranadrill, has said to attaqa-energy-platform that the decisions of OPEC+ are preventive, stressing that they take into account the economic and geopolitical aspects when planning cuts or increases.
He pointed out that demand for fuel and energy increases in summer (due to the use of cooling devices), so demand is still there despite some oversupply.
The CEO of Ranadrill added that the current decrease in demand is circumstantial and a natural reaction to the weakness of some economies; but at the same time, it encourages consumption, which stimulates oil demand and paves the way for absorbing the existing oversupply “This may contribute to stabilizing prices above $80, without taking any political tension into account”.
