OPEC's output cut extension: analysing the global impact

In an exclusive interview with Nour Eltigani, Neil Atkinson, independent Energy Analyst and the former Head of Oil at the International Energy Agency, discussed the global impact of the OPEC+ production cuts extension on the oil markets. Neil highlighted how some countries are pushing for a higher base from which their production quotas will be calculated for the extension that was announced on Sunday. He explained how non-OPEC production would absorb most of the demand growth projected by the IEA and OPEC, leaving little room for the alliance to pump more barrels into the market in the second half of 2024. The discussion comes after OPEC+ announced it is extending its current oil production cuts into 2025.