Oil output freeze now won't help anybody, OPEC already at max production – Ex-CEO of Shell RT — SophieCo

In the past few months, oil prices have been growing up. Experts say that hike is due to a firestorm disaster in Canada, as well as sabotages at Nigerian pipelines. However, these factors come and go, being only a temporary issue on the global oil market – so does that mean that the price will fall down again, plunging producer nations back into economic hardships? And that as OPEC fails to come to a consensus, as Saudi Arabia, a top player in the cartel, is unwilling to yield to Iran, which has just started to increase its output. Has OPEC lost its significance, and is living through its final years? And if that is the case, then what about America's shale companies – is there still a chance for them to come back to the world market? We ask the former head of Royal Dutch Shell. Jeroen van der Veer is on Sophie&Co today.