Putin's War has lifted the Gulf states out of an almost decade-long economic slump
I 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.…
The best bet remains to bring sanctioned Iranian oil back to the market
American gasoline prices have crossed the unprecedented US$5-a-gallon mark. American Automobile Association data shows prices at the pump are up roughly 60 per cent from a year ago. And prices in Canada are already more than $2 a litre. We are seeing new record prices around the world with each passing week. And no respite…
Oil prices may reach triple figures later this year
Global 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…
Sadat had committed the cardinal sin of making peace with Israel
On Oct. 6, 1981, Egyptian President Anwar Sadat was gunned down while presiding over a ceremony celebrating the eighth anniversary of the Yom Kippur War. It was a brutal reminder of how passionate political differences can claim the lives of even the most prominent. Political assassinations weren’t exactly unheard of in the second half of…
New restrictions to fight the Delta variant will slow demand growth in the second half of 2021
Interesting moves are being made on the global energy chessboard. In an unexpected move, Saudi Arabia announced it would slash its official selling prices (OSPs) for oil exports to Asia in October. The price cut was more than expected. Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official…
The world must not abandon the former Mediterranean oasis
One year ago today was a night of splintering glass and splattering blood. On August 4, 2020, as the last hours of pre-sunset daylight illuminated Beirut’s skyline, a cataclysmic explosion shook the city like the blast of an atomic bomb. It turned out to be the spontaneous combustion of 2,750 tonnes of ammonium nitrate stored…
A profound bond is growing between Palestinians and colonialized and oppressed peoples around the world
An incredible act of courage and international solidarity took place recently at the Port of Prince Rupert. Ninety-four members of the International Longshore and Warehouse Union (ILWU) refused to unload a ship of the Israeli corporation ZIM. This same ship was prevented from unloading in Oakland, Calif., as part of the Block the Boat movement.…
If we continue to value Canadian lives more than we value Congolese or Yemini lives, we put our well-being at risk
It’s certainly a relief to see COVID-19 restrictions eased and life returning to normal as more and more Canadians get vaccinated. The vaccines we have won’t provide 100 per cent immunity but should be sufficient to prevent further outbreaks. We’re told that soon travel restrictions and social distancing will be a thing of the past.…
Regardless of how we’re told to hate, we will find a way to peace
George Floyd has changed the world. His tragic death created a bond of international solidarity that no force can stop, no matter how they try. As a person of Middle Eastern descent living in the diaspora, I’ve always taken an interest in the situation in Israel/Palestine. Palestinians I met would tell me they were from…
United States President Donald Trump leaves office in three weeks. Anything could happen before then. Stakeholders are taking positions around the strategically-important Strait of Hormuz, the only sea passage for crude oil shipped from the Persian Gulf to the open ocean. In 2018, some 21 million barrels per day (bpd), or almost 20 per cent…