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…
Saudi Arabia’s anti-women laws require a swift dose of economic freedom, and they’re not alone
The Canada-Saudi Arabia diplomatic dispute appears to have calmed – for now – but the issue at the heart of the dispute remains. The dispute peaked in August after Foreign Affairs Minister Chrystia Freeland tweeted her support for women’s rights activist Samar Badawi. That prompted Saudi Arabia to pull its students from Canadian colleges and universities…
What's been billed as a clash over human rights is really all about oil and the Saudis keeping Canada in its place
Call it the clash of the oil titans. And it all started with a tweet. In one corner we have Saudi Arabia, the undisputed oil heavyweight of the world. It produces 11 million barrels per day (bpd) and is the planet’s largest oil exporter by far. In the other corner to challenge the champ, we…
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…
