Financial quagmire engulfing oil-producing countries

The rush to monetize oil and gas assets gathers momentum as major debt problems rise for many oil-producing countries

Financial quagmire engulfing oil-producing countriesClimate change is at the top of U.S. president-elect Joe Biden’s priority list. By nominating a person of the stature of former secretary of state John Kerry as the special presidential envoy on climate change, Biden has spelled out his intentions. The message is getting loud and clear to stakeholders. Consequently, the rush to monetize…

OPEC faces an existential threat

The viability of OPEC as an effective organization is now in question

OPEC faces an existential threatGloom continues to cloud crude oil markets. With a COVID-19 vaccine unlikely to ride to the rescue of the global oil market for some time, the combination of weaker demand and rising oil supply provides a difficult backdrop to the meeting of the Organization of Petroleum Exporting Countries (OPEC) and their allies later this month,…

Is Biden about to alter the war on climate change?

Is Biden about to alter the war on climate change?With the incoming U.S. administration of Joe Biden vowing to embark on an extraordinarily ambitious international climate agenda, the world is reaching a tipping point as far as climate is concerned. The president-elect has announced the U.S. will return to the Paris climate agreement on day one in office. The incoming administration has also released…

Sunny days a long way off for oil producers

Sunny days a long way off for oil producersCrude oil demand is under the cloud. Not long ago, global demand was expected to peak around 110 million barrels per day (bpd). And in 2007, the Organization of Petroleum Exporting Countries (OPEC) forecast world demand for crude oil would reach even higher – 118 million bpd by 2030. But that was a different world.…

Dark days ahead for oil-rich Gulf economies

Dark days ahead for oil-rich Gulf economiesOil-dependent economies are in a real quandary. Sliding markets, lowering demand and strong output capacities are set to hit the single-product, oil-rich economies of the Middle East, the International Monetary Fund (IMF) said in a recent report. These oil-rich Persian Gulf states are now expected to see a six per cent real gross domestic product…

Energy use forecasts pivot dramatically

Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks

Energy use forecasts pivot dramaticallyEnergy outlook season is here. And it’s not rosy. Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks. COVID-19 has turned 2020 into an unusual year, carrying long-term ramifications for the energy world. The Paris-based International Energy Agency has termed the pandemic a disruption not seen since the “world…

More dark days on the horizon for oil industry

More dark days on the horizon for oil industryDesperation is creeping into the crude oil industry. With crude oil prices stuck at around $40 a barrel, S&P Global Ratings has estimated that the total government budgetary deficits of the oil-producing countries of the Co-operation Council for the Arab States of the Gulf could reach $490 billion cumulatively between 2020 and 2023. At the…

Energy industry carving out a new face

Energy industry carving out a new faceThe energy industry is in flux. A new face of the industry is still being carved out as new variables come into play, impacting the crude oil scenario. On Sept. 22, at its Battery Day, Tesla unveiled plans to develop an in-house “tabless” battery. This battery would improve the range and power of its electric…