Volatile energy market caught in crossfire of Russian invasion

The world needs Russian oil. So buyers shying away from Russian crude are scrambling

Volatile energy market caught in crossfire of Russian invasionFroth is enveloping global energy dynamics. Nothing is clear. Confusion prevails. Gasoline prices have already topped $2 a litre in British Columbia and other provinces, Ontario included, aren’t far behind. It’s virtually impossible to keep track of all the factors impacting energy prices. The key issue is the volume of crude oil that’s off the…

Russia’s most formidable weapons? Oil and gas

Why isn't the West reacting more strongly to Russian aggression? Energy supplies

Russia’s most formidable weapons? Oil and gasUkraine is under fire and United States President Joe Biden and his NATO colleagues are talking tough on the Russian invasion of the country. But their hands seem tied. Russian President Vladimir Putin, the ex-KGB man, is already emerging as the winner of the first round of the battle for Kyiv. Ukrainian President Volodymyr Zelenskyy…

Ukraine tension, Iran talks prod oil prices upward

Geopolitics has been behind the surging markets

Ukraine tension, Iran talks prod oil prices upwardOil and politics go hand in hand. They’re virtually inseparable. Recent events once again highlight the energy world’s dynamics. Fundamental factors have played a significant role in getting crude oil prices to the current levels. Yet, none can deny that, to a great extent, geopolitics has been behind the surging markets. Recent events underline this.…

Pipelines must be part of the world’s energy transition

Cancelling Keystone XL and Energy East were political blunders

Pipelines must be part of the world’s energy transitionThe United States is divided on issues stretching from racial discrimination to the environment and energy. With global crude oil supplies under pressure and prices about to touch the three-digit mark per barrel, an interesting debate has begun: Has the Biden administration, with its commitment to climate change issues, undermined the health of that country’s…

As gas pump prices jump, pressure rises on politicians

It may just be a matter of time until we’re closing in on triple-digit prices

As gas pump prices jump, pressure rises on politiciansWith a winter storm gripping the United States, geopolitical tensions continuing to haunt the markets and oil-producing nations unable to meet their output targets, crude oil prices reached a seven-year peak last week. Brent crude rose US$1.71, or 1.9 per cent, to US$92.82 a barrel on Friday afternoon, having earlier touched its highest level since…

Will Europe freeze in the dark if the U.S. imposes sanctions on Russia?

The U.S. made it clear that Russia will pay for a Ukrainian invasion. But so will other nations

Will Europe freeze in the dark if the U.S. imposes sanctions on Russia?The possibility of Russia invading Ukraine is the hottest geopolitical issue today. And this carries implications for the global energy balance. Growing concerns over the possible military conflict in Ukraine, resulting in disruption of natural gas supplies to Europe, is a point of deliberation in Washington and other NATO capitals. The United States has made…

Saudis have Americans over a barrel as oil prices rise

Oil prices may reach triple figures later this year

Saudis have Americans over a barrel as oil prices riseGlobal oil markets touched a seven-year high last week before capping gains late Friday. Prices have already gone up by more than 10 per cent this year. But the signals are ominous. Continued signs of robust demand have come despite: the COVID-19 Omicron wave; growing geopolitical instability in Eastern Europe and the Middle East; the…

China extending its reach in bid to control oil market

China is making strong strategic moves to secure its future oil needs

China extending its reach in bid to control oil marketChina – the world’s largest crude oil importer, second-largest oil consumer after the United States and the world's number 1 polluter – is increasingly leveraging its position of influence on the global energy chessboard. In a bid to tame rising oil prices last November, the United States spearheaded a co-ordinated release by major oil-consuming nations…

Fossil-fuel demand is set to surpass pre-pandemic levels

Oil markets breaking out of their long-term downward trend

Fossil-fuel demand is set to surpass pre-pandemic levelsDespite the Omicron variant of COVID-19 hitting the world badly, the Organization of Petroleum Exporting Countries and its allies in the expanded OPEC+ have confirmed the scheduled output increase of 400,000 barrels per day (bpd) for February. By now, OPEC+ countries have restarted about two-thirds of the production they halted in the early stages of…

Expect more oil price uncertainty in 2022

No one has a real handle on the market and its future direction

Expect more oil price uncertainty in 2022Despite the growing call for a cap on their consumption, fossil fuels are going nowhere. They will continue to drive our energy-driven civilization for the foreseeable future. Global oil demand is on the verge of reaching its pre-pandemic levels. As a result, oil markets posted their biggest gains since at least 2016 as 2021 wound…