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…
The rush to monetize oil and gas assets gathers momentum as major debt problems rise for many oil-producing countries
Climate 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…
Oil-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…
Several trustworthy and reputable humanitarian organizations are working diligently, providing desperately-needed assistance
The cataclysmic explosion that shook Beirut to its foundations in early August, leaving 157 people dead, 5,000 injured, and 300,000 homeless, was the coup de grâce for a country that has been bleeding for years under crushing burdens. The explosion seems like the denouement to the unfolding tragedy of Lebanon, a country where high unemployment,…
Despite the recent unprecedented output cuts by oil-producing countries, crude continues to trade around $40 a barrel
Global economies are in distress. In the United States, the world’s largest economy, jobless claims rose last week for the first time since March. With measures to contain the COVID-19 virus keeping drivers off the road, recent data shows gasoline demand edging even lower. In South Korea, a large crude oil consumer, the economy is…