A peculiar occurrence happened recently where what looks to be a Russian BUK missile turned around after launch and impacted the area around its own launch vehicle. Speculation on how and why this occurred was painted by many narratives on the conflict. While it may be assumed that the missile or system may have been […]
On June 11, major Chinese and Indian oil companies started a formal meeting in Beijing, discussing the establishment of an “oil buyers’ club” to negotiate better prices with OPEC countries. The chairman of China’s biggest energy company China National Petroleum Corporation (CNPC), Wang Yilin, and the chairman of refiner Indian Oil Corporation both […]
The Islamic Military Alliance, recently supported by Donald Trump, poses a security and economic challenge to the European Union.
Libyan oil coming back online could jeopardize a fragile production cut deal orchestrated by producers cartel OPEC to rebalance the global oil supply glut.
The recent Saudi-Iranian clash is unlikely to affect oil markets for now, but the redistribution of political power between Saudi Arabia and Iran, along with the US disengagement from the Middle East might have long-term consequences for the region’s stability and global oil supply trends.
OPEC’s recent decision to keep production at its current levels lead to the realization by many investors that the current oil price may become the new norm.
One of the year’s most urgent policy questions—whether or not the U.S. should export oil–is finally garnering attention in Washington as both sides of the U.S. oil export debate make their case. The United States began safeguarding domestically produced oil after the 1973 Arab oil embargo, which caused supply disruptions and price spikes in the […]
The Russia Left Behind By Ellen Barry The New York Times Through a string of narratives about towns and villages stretching between Moscow and St. Petersburg, Barry captures the deterioration of small-town Russia and explores how these towns — while not very far from the Kremlin’s reach — are worryingly far from modernity. The War […]
Ecuadorian President Rafael Correa, president of the smallest oil producing and exporting member of OPEC, has committed to expanding oil drilling – from the current 513,000 barrels of oil per day. President Correa announced last week that he signed an executive decree to end the Yasuni Ishpingo-Tambococha-Tipuni (ITT) initiative. ITT are oil blocks, which house […]
Iraq’s oil minister Abdul Kareem Luaiby anticipates his country’s exports for September to exceed 2.6 million barrels a day, a figure not reached in the last 20 or so years. Part of this increase stems from a deal cut between the central government and the Kurdish autonomous region. The Kurds had stopped exporting oil back […]
The energy boom upends arguments about the inevitability of U.S. strategic decline A previous post peered into the crystal ball to argue that America’s strategic prospects are dramatically brightening due to an unexpectedly improving energy outlook and the looming revitalization of its manufacturing base. This thesis cuts against the reigning anxiety about the nation’s economic course […]
The International Energy Agency has reduced its forecast for growth in oil demand in 2012 to 1.1 million barrels per day from 1.3 million bpd. The lower demand will stem from the weak economic conditions in the OECD nations, off-set in part by continued heavy demand from Asian consumers. As a result, global demand for […]
OPEC’s meeting in Vienna a couple days ago ended without the cartel agreeing on a production level. This hasn’t happened in years (if memory serves, the last time was during the Iran-Iraq War), and it has left many questioning the organization’s future. After 5 hours of talks, the Saudi Arabian Oil Minister Ali al-Naimi said, […]
I wouldn’t be the first person to analogize Americans’ thirst to fossil fuels to an addiction. The arch-environmentalist George W. Bush said the US was “addicted to oil” in his State of the Union address in 2006. What we do for the Mexican drug gangs in terms of addiction to their products while advancing their […]
Iran is replacing the U.S. dollar by the euro in the country’s foreign exchange accounts. The Arabian Business reported that the euro will be used to calculate the value of the country’s Oil Stabilization Fund (OSF). The OSF, which forms part of Iran’s foreign exchange reserves, is a contingency fund set up to help the […]