Could easily employ sanctions-avoiding mechanisms perfected by Iran The European Union continues its work to fine-tune the proposal to set price caps on Russian oil products. Last Friday, EU ambassadors strove to reach a broad agreement on the issue but could not. They are now scheduled to continue their deliberations this week. There are indications…
Thanks mainly to China finally emerging from its Covid-19 lockdowns The dynamics around energy markets are changing fast. China, the world’s largest crude importer, is finally beginning to open up, signalling that it has passed the COVID-19 peak and is now ready for business as usual. As a consequence, Beijing is reportedly on a crude…
The price of oil could end up anywhere between US$70 to US$121 Projecting energy prices into the New Year is an ominous task. Professionally, it could be hazardous. Josh Rubin, in his year-end piece in The Toronto Star, rightly says it ‘can be a bit like aiming at a dartboard.’ Yet everyone expects poor scribes…
Could reduce its daily oil output by as much as seven per cent over the next few weeks Slowly but surely, Russia is unveiling its counter-strategy to the U.S.-led moves on the global energy chessboard. Returning the western ‘favour’ of putting a price cap on its crude oil sales for its Ukraine (mis)adventure, Russia –…
U.S. commitment to Saudi security is waning, opening the doors to China Chinese President Xi Jinping’s visit to Riyadh last week provided a sharp contrast to the one that U.S. President Joe Biden undertook to Saudi Arabia last July. Pomp, show, warmth and a consensus of views on geopolitical issues were very visible during the…
Major financial institutions are revisiting their commitment to curbing oil and gas investment In the past few months there have been some noteworthy developments for the global alliance known as GFANZ (Glasgow Financial Alliance for Net Zero). GFANZ, founded by Mark Carney and Michael Bloomberg in the spring of last year and promoted at COP26,…
Limiting gas imports from Russia has thrust the country into its biggest energy crisis since the Second World War
Germany 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…
Producer and consumer nations targeting a price of around $90 a barrel
Oil 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…
The prospects of a global economic slowdown are beginning to hit oil demand
The much-awaited ministerial meeting of the Organization of Petroleum Exporting Countries and its allies, including Russia, in the expanded OPEC+, opted to increase its September output by just 100,000 barrels per day (bpd). Despite the urgings of U.S. President Joe Biden to open Saudi Arabia’s crude oil taps during his visit there, the announced output…
The disastrous consequences of the green movement
People are beginning to understand that “the road to hell is paved with green intentions.” The green movement’s crusade to replace the 84 per cent of energy currently supplied by fossil fuels with windmills, solar panels and biofuels has led to much talk about energy supply and prices. But there’s also a profound human impact.…