Putin’s War threatens Germany’s competitive advantage

Limiting gas imports from Russia has thrust the country into its biggest energy crisis since the Second World War

Putin’s War threatens Germany’s competitive advantageGermany 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…

The push and pull of oil demand and supply

Producer and consumer nations targeting a price of around $90 a barrel

The push and pull of oil demand and supplyOil 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…

Oil once again being used as a political tool

G7 agrees on devising a system that would only allow the sale of Russian oil at below-market prices

Oil once again being used as a political toolWell, they did it. During their virtual meeting last Friday, finance ministers from the G7 agreed on devising a system that would only allow the sale of Russian oil at below-market prices. “The price cap is specifically designed to reduce Russian revenues and Russia’s ability to fund its war of aggression whilst limiting the impact…

Iran nuclear deal a critical piece of oil market’s future

U.S. President Joe Biden desperately needs lower prices at American gas stations, especially in a mid-term election year

Iran nuclear deal a critical piece of oil market’s futureSpeculation is growing about a deal between the United States and Iran reviving the stalled nuclear agreement, letting additional Iranian crude oil enter the markets. But efforts to sabotage the agreement are apparent. The return of Iranian crude is important to the United States for various reasons. U.S. President Joe Biden needs lower prices at…

Crude oil prices dampening but market uncertainty remains

Weaker-than-expected demand growth means the oil market is likely to remain in surplus into early next year, say analysts

Crude oil prices dampening but market uncertainty remainsOil markets were under considerable pressure last week. Both Brent and U.S. West Texas Intermediate (WTI) crude oil prices fell, with Brent futures settling at US$96.72 and WTI ending at US$90.77 per barrel. Both benchmarks fell about 1.5 per cent on the week, as future contract values dropped to their lowest level in seven months…

OPEC, IEA offer different projections on crude consumption

Two contrasting scenarios are emerging

OPEC, IEA offer different projections on crude consumptionCrude pundits are divided – literally on geopolitical lines, depicting the fault lines within the industry. Two contrasting scenarios are emerging. On one end is the demand gloom, while on the other is the possibility of a rise in global crude consumption. The Organization of Petroleum Exporting Countries (OPEC) is saying a fall in global…

Saudis turn their backs on Biden’s request for more oil

The prospects of a global economic slowdown are beginning to hit oil demand

Saudis turn their backs on Biden’s request for more oilThe 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…

Saudis talk to suitors from all sides as oil market uncertainty grows

Saudi Arabia isn’t ready to ditch Russia

Saudis talk to suitors from all sides as oil market uncertainty growsAfter a brief lull and a price drop, crude oil markets are heating up again, surging by more than US$2 a barrel last week. The Aug. 3 expanded OPEC+ ministerial meeting, which includes Russia, is just around the corner. And signals from producing countries aren’t helping to stabilize the markets. In addition, the threat of…

Saudi Arabia still not ready to ditch Russia

An intense tug of war is being waged on the global crude horizon

Saudi Arabia still not ready to ditch RussiaStakeholders continue to make interesting moves across the global energy chess board. Six days after U.S. President Joe Biden flew out of Saudi Arabia – without any public commitment from Riyadh to increase crude output significantly – Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman spoke by phone, underlining the importance of…

No guarantee Biden’s trip to Saudi Arabia will bring results

Biden wanted more crude, Mohammed bin Salman needed recognition. The visit served both purposes

No guarantee Biden’s trip to Saudi Arabia will bring resultsWhat did United States President Joe Biden gain from a trip that took him to Saudi Arabia, the state he once promised to make into the pariah he said it deserved to be? What did Biden get from meeting with Saudi Crown Prince Mohammed bin Salman, whom he has avoided until now? In response to…

Does the decline in oil prices signal a coming global recession?

The driver of this bearish sentiment is an overly hawkish response by the Federal Reserve

Does the decline in oil prices signal a coming global recession?Last week, the crude oil markets saw one of the most significant single-day price declines in history. Have the bulls retreated – perhaps for good? Tuesday’s oil price collapse could go down as one of the most memorable moments of the oil market’s tumultuous year, said Josh Owens in his piece for Oilprice.com. Although oil…

Without Russian oil, can the world produce enough crude?

Analysts warn that prices could reach $380/barrel if existing penalties prompt Russia to make cuts

Without Russian oil, can the world produce enough crude?The crude oil world is in deep flux. Ongoing attempts by the G7 to put a price cap on Russian crude exports – almost an admission of its failure to curb the flow of petro-dollars to Moscow – also meant it needed to do more. But moving ahead with the proposal could result in global…

No sign of major crude oil price decline any time soon

Bullish pressure on crude oil markets doesn’t seem to be easing

No sign of major crude oil price decline any time soonCrude oil prices fell last week, notching their second weekly decline in the face of concern that rising interest rates could push the global economy into recession. Yet the future of crude oil still seems bullish to many. Spare capacity, or lack of it, is just one of the reasons. The global surplus of crude…

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…

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…
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