Until recently, the nation has insisted it wouldn’t unilaterally cut output until others agreed to contribute. All that has changed
Saudi Arabia is back in its role as the swing crude oil producer of the world. Until recently, the nation has insisted it wouldn’t unilaterally cut output until others, including Russia, agreed to contribute. But all this changed – almost overnight. On Jan. 4, while the ministers from Organization of Petroleum Exporting Countries and its…
International power politics employed by the likes of Russia have resulted in many countries looking for new energy sources
By Mark Milke and Ven Venkatachalam Canadian Energy Centre Russia cut off the natural gas supply to Ukraine in mid-winter 2009, ostensibly over a pricing dispute. It was a reminder that energy can be used as an economic and political weapon by autocratic regimes – in this instance, Vladimir Putin’s Russia. We have more recent…
Supported by all these bullish factors, Brent crude spot prices rose. Yet oil markets also face bearish pressures
Faced with gloom and some good news at the same time, crude oil markets continue to be in a quandary. Retrenchment and lack of capital investment could eventually lead to crude shortages, argued David Messler in a piece in Oilprice.com in June. The shortage could result in firming up of oil prices. Messler also points…
The Chinese have stockpiled huge reserves of low-priced oil, giving them significant geopolitical leverage over Russia and Saudi Arabia
With the major stakeholders – Saudi Arabia, Russia and the United States – emerging badly bruised from the last round of the crude oil price war, a new world order is set to emerge. The cost of the battle has been immense to all three. In April, as the battle erupted, the value of Saudi…
As world demand declines thanks to the COVID-19 pandemic, oil countries struggle to control prices with production cuts
Too little, too late? On Thursday, the Organization of Petroleum Exporting Countries (OPEC) and the Russia led non-OPEC oil producers, commonly termed OPEC+, took an unprecedented step to agree to cut the global crude oil output by 10 million barrels a day (bpd). The next day, after a five-hour-long virtual meeting, G20 energy leaders endorsed…
For four years, the U.S. has firmly rejected joining the producers’ club to curb output. It can’t remain aloof any longer
Energy diplomats are on overdrive, seeking to bring an end to the senseless global crude oil war. Russia and Saudi Arabia have flooded the market, driving down oil prices. A G20 virtual meeting of energy leaders is being urged, with International Energy Agency executive director Fatih Birol reportedly propelling the idea. Former U.S. Energy Information…
With demand and supply shock acting simultaneously, crude markets are imploding. And this is just the tip of the iceberg
The global oil war is on and no one seems to be blinking. Saudi Arabia is set to increase its crude oil exports in May by about 600,000 barrels per day (bpd), bringing its total petroleum exports to 10.6 million bpd, an official at the Saudi Arabian Energy Ministry told the Saudi Press Agency. Russia…
It’s time for a Russia-Saudi-Arabia-Texas crude oil axis. But it will require the Trump administration to make some concessions
Is a Russia-Saudi-Arabia-Texas crude oil axis possible? Based on the media hype, it seems not just possible – it seems probable. Demand destruction in the oil market was already in place. The coronavirus pandemonium only accelerated it. And the oil price war between Russia and Saudi Arabia only helps to worsen things. The oil industry…
Coupled with the coronavirus, the oil battle is hurting economies all over the world, including Canada and particularly Alberta
The world is in a mess and so are the crude oil dynamics. Coronavirus pandemonium is reshaping the global crude oil fundamentals and demand destruction continues. The transportation sector, responsible for almost 70 per cent of the total global crude oil consumption, is in the doldrums. Staying indoors is the new mantra and road transport…
In modern society, we tend to casually toss around words like racism and genocide. We need to be more respectful of these words – and their horrible history
If you are an activist who wants to persuade your fellow citizens of the correctness of your views, the first thing you should do is take control of the English language. Change the meanings of words so your enemies can be accused of any crime and your side can always claim the moral high ground.…
Saudi Arabia is back in its role as the swing crude oil producer of the world. Until recently, the nation has insisted it wouldn’t unilaterally cut output until others, including Russia, agreed to contribute. But all this changed – almost overnight. On Jan. 4, while the ministers from Organization of Petroleum Exporting Countries and its…
