F1 driver Sebastian Vettel’s oil sands criticism rife with hypocrisy

Car racing relies on oil and gas. Canada should be the choice supplier, rather than nations like Saudi Arabia

F1 driver Sebastian Vettel’s oil sands criticism rife with hypocrisyGerman Formula One driver Sebastian Vettel sat on a podium in Montreal last week in gear emblazoned with his sponsor logos – including Organization of Petroleum Exporting Countries (OPEC) oil giant Saudi Aramco, owned by the tyranny state of Saudi Arabia – and told reporters that Alberta’s oil sands is “criminal.” He had arrived earlier…

No end in sight for soaring oil prices

The best bet remains to bring sanctioned Iranian oil back to the market

No end in sight for soaring oil pricesAmerican 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…

Greed drives pro golfers to align with Saudi sportswashers

LIV Tour is a PR tool for a reprehensible government seeking to wash away its human rights abuse

Greed drives pro golfers to align with Saudi sportswashersThe things people will do for money … The way Greg Norman, Phil Mickelson, Dustin Johnson, Graeme McDowell and other professional golfers tap dance while trying to come up with reasons to justify their move to the new LIV Tour is embarrassing. The LIV Tour has nothing to do with growing the game of golf,…

Punishing Russia has upended global economics

And we can blame political meddling

Punishing Russia has upended global economicsThe crude oil world has inched into a crisis mode. The world faces a “much bigger” energy crisis than the one in the 1970s. Fatih Birol, the executive director of the International Energy Agency (IEA), told the German daily Der Spiegel in an interview last Tuesday. The IEA, the Organization for Economic Co-operation and Development…

Putin’s War is redrawing the geopolitical map

Despite the sanctions, Russian oil revenues are soaring

Putin’s War is redrawing the geopolitical mapThe energy pieces on the global chessboard are altering geopolitical realities, with serious consequences. China is boosting the volume of crude oil it purchases in order to increase its strategic reserves, Reuters’ Clyde Russell reported on Friday. China, the world’s largest crude importer, is buying more oil at a point when the demand-supply balance is…

OPEC is in a defiant mood and the world is paying the price

Full European Union ban on Russian oil could have unintended economic consequences for the West

OPEC is in a defiant mood and the world is paying the priceThe war in Ukraine is transforming global geopolitics and crude oil dynamics. On the geopolitical front, the United States has relentlessly rallied its allies against Russia. The Russian energy sector has still not been directly impacted by the sanctions. But the repercussions are apparent, even as the world is finding it hard to replace Russian…

Plenty of blame in a world of strife

How is the Russian invasion of Ukraine different from the U.S.-led invasion of Iraq?

Plenty of blame in a world of strifeAmerican writer and philosopher Ralph Waldo Emerson said, “Fiction reveals the truth that reality obscures.” I admit I’ve never been a great fan of fiction; I prefer writing that spells out the author’s perspective on what’s actually happening in the world. But there are times when nothing speaks the truth more effectively than a great…

Is the global currency system shifting away from the U.S. dollar?

Saudi Arabia is in active talks with China to price some of its oil in yuan

Is the global currency system shifting away from the U.S. dollar?The United States owes a significant part of its eminence as the sole superpower to the dominance of its dollar in the global economy. This dominance is aided by the fact that the dollar is the currency of the global oil trade. Every country in the world needs U.S. dollars to buy oil. Even without…

Consuming nations are gaining the upper hand in oil markets

Major oil-consuming nations seem to have gained some leverage in a market full of uncertainties

Consuming nations are gaining the upper hand in oil marketsAs 2021 winds down, oil markets face uncertainties. Omicron has begun to change crude demand perceptions. Economies – especially in Europe – are beginning to stutter, and Canada is also under pressure, with increasing restrictions in place. All this will impact crude oil consumption in the months to come. There’s no unanimity among experts on…