OPEC, Russia to Stand Pat on Oil Deal Even as Glut Persists
“Every few dollars that the price does begin to rise, it incentivizes more oil from the U.S.,” Neil Atkinson, head of the IEA’s oil markets and industry division, said in a Bloomberg television interview.
Yet the threat posed by shale is what will hold the flawed deal together, according to Paolo Scaroni, vice-chairman of NM Rothschild & Sons and former chief executive officer of Italian oil giant Eni SpA.
“This is the game changer for everybody,” Scaroni said. “The situation is so difficult for them that I’m convinced any agreement in OPEC has more chances than before. They have no alternative.”
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