Tag "OPEC"
Making History: Coronavirus and Negative Oil Prices
Since the beginning of the Coronavirus pandemic, there has been a loss of 1/3rd global demand – more than 30 million barrels per day (BPD). The virus instilled a level of uncertainty for oil traders, but the catalyst for the initial drop in price can be attributed to the escalating price war between Russia and Saudi for market share, eventually leading Saudi to flood the market with oil.
Price War: OPEC+
After OPEC ally Russia refused to cut production, Saudi Arabia launched a price war, sending global oil prices to as low as $32 a barrel on March 9th.
The Nigerian oil industry and renewed instability in the Delta
Throughout the spring and summer of 2018, the Nigerian petroleum industry has suffered major production and export complications, exacerbated by an atmosphere of political instability.
China and India establish “oil buyers’ club” to counter OPEC
Should this “oil buyers’ club” become a reality, New Delhi and Beijing will have greater leverage to negotiate with OPEC about oil prices and will also have a significant say in matters such as importing more crude oil from the US.
Round Five for President Bouteflika?
Despite serious health problems, Algeria’s President Abdelaziz Bouteflika may stand for a fifth term in office, leaving many to question if the country’s political elite are bereft of a feasible transition plan.
Assessing the Trump doctrine of “energy dominance”
If the US is to wield energy as a weapon, it will be perceived as an unreliable supplier, and risk moving at cross-purposes with the system of free and open energy markets that it has promoted for decades.
Is Russia’s Middle East endgame trouble for global energy markets?
Russia is playing an increasingly assertive role in the Middle East via its military operations in Syria and its partnership with Saudi Arabia
The Week Ahead: 26 November – 2 December
South Korea interest rates. OPEC meets in Austria. Irish border questions derail Brexit talks. Senate considers tax bill. All in The Week Ahead.
The slow recovery of Libya’s oil industry
While forecasts suggest that production could reach 1.25 million barrels per day by the end of the year, several factors could affect the revival of the oil industry.
The Week Ahead
Brazil lowers rates. Trump associates testify. North and South Korea talk. OPEC meets in Russia. All in The Week Ahead.