Comments from Barkindo
- The OPEC/non-OPEC agreement rescued the oil industry from imminent collapse
- The OPEC-led supply cut deal has not only arrested the decline, but rescued the industry
- Production deal now on course to restore stability on a sustainable basis
Well now that’s taking it too far. The oil industry wasn’t doing great, but it wasn’t collapsing. However, there probably would have been a total lack of investment and you would have ended up with much higher prices later.