IEA wants all investments in new developments to stop. Others warn that could lead to $200 a barrel oil
The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this…
Iran orchestrated Houthis attacks on Saudi Arabia to coerce the Saudis to market its oil
As the result of developments in the Middle East, oil is back as a bargaining chip on the geopolitical chessboard. Once Donald Trump lost the election for a second term as American president, it became increasingly evident that the new administration led by Joe Biden would attempt to revive the 2015 nuclear deal with Iran.…
Fed up with the Saudi's "artificially jacking up the prices"
An oil war is brewing between the world’s largest crude exporter, Saudi Arabia, and the world’s third-largest crude consumer, India. India has long pleaded with Saudi Arabia to keep oil prices lower to help sustain economic growth in the developing and emerging economies of Asia. In rather hushed tones, for diplomatic reasons, India has protested…
With the continuing OPEC+ oil output cuts, markets were going into an overdrive mode. Prices at U.S. gas stations rose sharply
Surprising the markets and going against expectations, the Organization of Petroleum Exporting Countries and its allies in the extended OPEC+ changed course at their ministerial meeting last week. At the virtual meeting, OPEC+ opted to increase its output by 350,000 barrels per day (bpd) in May another 350,000 bpd in June, and roughly an additional…
Crude oil markets continue to show signs of weakness – even without the Houthi attacks on Saudi Arabia and the Suez Canal closure
Pressure is mounting on the Organization of Petroleum Exporting Countries and their allies in the extended OPEC+ to roll over their crude oil output cuts when they meet on April 1. Markets continue to show signs of weakness – even without the Houthi attacks on Saudi Arabia and the Suez Canal closure. But the Suez…
Although the OPEC+ decision resulted in immediate oil price gains, the warning shots on the horizon couldn’t be altogether ignored
Saudi Arabia is leading the pack on crude oil production management. Russia seems to be following. Despite murmurs in the oil market of a possible rift between the two countries on the issue of output, the Organization of Petroleum Exporting Countries (OPEC) and their allies in the OPEC+, at their virtual meeting last Thursday, went…
Sheikh Ahmed Zaki Yamani personified OPEC
The grand old wise man of the energy world has slipped into history. With the passing away of Sheikh Ahmed Zaki Yamani, the charismatic Saudi oil minister from 1962 to 1986, an era has come to an end. With his calm and cool demeanour, intellectual depth, sharp mind and the capacity to stand up to…
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…
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…
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…