The world needs Russian resources

The world needs Russian resourcesThe earlier world leaders acknowledge that fact, the better it will be for the entire world Fatih Birol, the guru of the energy world and executive director of the International Energy Agency (IEA), recently told Euronews that Russia will (ultimately) lose the energy battle it is waging against the West. But take that conclusion with…

U.S., Saudi Arabia in a battle to control oil market

And that will have consequences for the rest of the world

U.S., Saudi Arabia in a battle to control oil marketThe United States and Saudi Arabia are locked in a bitter battle over oil, CNN Business reported last Friday. And it carries consequences, not only for the future of the global energy order but also for the future world order. Everything is at stake. Ever since the world began growing out of the COVID pandemic…

Saudi Arabia losing confidence in U.S. security blanket

Washington is not as important to Riyadh as it used to be

Saudi Arabia losing confidence in U.S. security blanketIn the mid-80s, it is said that U.S. President Ronald Reagan and King Fahd of Saudi Arabia colluded to destroy the oil markets by making it financially impossible for the then-Soviet Union to continue its Afghanistan venture. Oil markets crashed. The war on Afghanistan became untenable for Moscow. The Soviet Union disintegrated, and the world…

Will OPEC oil price hike lead to a Saudi/U.S. “divorce”?

Ultimately – or after the U.S. mid-terms – the animosity will cool down

Will OPEC oil price hike lead to a Saudi/U.S. “divorce”?Oil is addictive. At least for addicts like me. While I took some time off over the last couple of weeks, the oil and energy world passed through major upheavals, with long-term geopolitical consequences. On Sept. 27, three offshore lines of the Nord Stream gas pipeline system on the bed of the Baltic Sea sustained…

Energy-rich Middle East countries smiling all the way to the bank

Putin's War has lifted the Gulf states out of an almost decade-long economic slump

Energy-rich Middle East countries smiling all the way to the bankI am in Abu Dhabi and the glitter is visible – all around. With the oil-based economies of the Gulf’s current high budgetary surpluses, the glitter will only shine brighter. New projects worth hundreds of billions of dollars are being showcased throughout the region, from Saudi Arabia to Qatar and from Abu Dhabi to Kuwait.…

Putin’s War threatens Germany’s competitive advantage

Limiting gas imports from Russia has thrust the country into its biggest energy crisis since the Second World War

Putin’s War threatens Germany’s competitive advantageGermany is stuck between a rock and a hard place. On the one hand is its decision to limit crude and gas imports from Russia. On the other, its industrial might is under threat. Berlin’s political decision to limit gas imports from Russia has thrust the country into its biggest energy crisis since the Second…

The push and pull of oil demand and supply

Producer and consumer nations targeting a price of around $90 a barrel

The push and pull of oil demand and supplyOil markets are being pushed and pulled – from both ends. As conflicting factors weigh on the markets, the future crude scenario remains hazy and muddy. The Organization of Petroleum Exporting Countries and their allies, including Russia in the extended OPEC+, appear determined not to let the crude market prices go considerably below their target…

Oil once again being used as a political tool

G7 agrees on devising a system that would only allow the sale of Russian oil at below-market prices

Oil once again being used as a political toolWell, they did it. During their virtual meeting last Friday, finance ministers from the G7 agreed on devising a system that would only allow the sale of Russian oil at below-market prices. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to fund its war of aggression whilst limiting the impact…

Iran nuclear deal a critical piece of oil market’s future

U.S. President Joe Biden desperately needs lower prices at American gas stations, especially in a mid-term election year

Iran nuclear deal a critical piece of oil market’s futureSpeculation is growing about a deal between the United States and Iran reviving the stalled nuclear agreement, letting additional Iranian crude oil enter the markets. But efforts to sabotage the agreement are apparent. The return of Iranian crude is important to the United States for various reasons. U.S. President Joe Biden needs lower prices at…

Crude oil prices dampening but market uncertainty remains

Weaker-than-expected demand growth means the oil market is likely to remain in surplus into early next year, say analysts

Crude oil prices dampening but market uncertainty remainsOil markets were under considerable pressure last week. Both Brent and U.S. West Texas Intermediate (WTI) crude oil prices fell, with Brent futures settling at US$96.72 and WTI ending at US$90.77 per barrel. Both benchmarks fell about 1.5 per cent on the week, as future contract values dropped to their lowest level in seven months…