6 Quotes by Mehdi Varzi

I think the impact will be slow, as I am not sure gas prices have peaked as yet, ... After all, it's the refiners that have got to get the crude, produce it and then put it into inventory at the very time that demand in the U.S. is beginning to rise.

It is a threat to Russia in particular, which has seen the biggest growth in non-OPEC output in the past two years.

The question is whether OPEC allows prices to slip to a slightly lower range without formally abandoning its basket price,

But I would stress: I don't think OPEC is in a position where it is on the verge of near-breakdown as it has been in the past -- co-operation is still pretty good among the key member-countries.

There's really no sign of immediate action ... If the oil price does move higher over the next month or so, then they may tap in.

The key to the success of this agreement is its sticking power. If they get 75 percent compliance it's very good news for oil prices.