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…

Oil markets dampen with new COVID strain, release of reserves

The dip came as a new COVID-19 strain sparked fears of renewed lockdowns and demand destruction

Oil markets dampen with new COVID strain, release of reservesWorld crude oil markets crashed on Friday by more than 10 per cent. For the first time since late September, West Texas Intermediate, the U.S. crude, tumbled below $70 a barrel, while the global benchmark, Brent, slumped to less than $75 a barrel. This crash wasn’t anticipated. The relief didn’t just come from the co-ordinated…

Pressure mounts on OPEC+ from all sides

It is defying oil-consuming nations to increase output, for now

Pressure mounts on OPEC+ from all sidesA tug of war has erupted on the world oil market. Despite growing pressure from major crude-oil consuming nations, the Organization of Petroleum Exporting Countries and its allies in the expanded OPEC+ announced they would stick to their original plan by increasing output by only 400,000 barrels per day (bpd). OPEC+ members seemed to be…

Dampening Asian demand cools crude oil prices

New restrictions to fight the Delta variant will slow demand growth in the second half of 2021

Dampening Asian demand cools crude oil pricesInteresting moves are being made on the global energy chessboard. In an unexpected move, Saudi Arabia announced it would slash its official selling prices (OSPs) for oil exports to Asia in October. The price cut was more than expected. Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official…

Oil markets feel pinch from renewed COVID-19 outbreaks

All eyes are focused on Saudi Arabia. Will it continue to single-handedly maintain stability in the markets?

Oil markets feel pinch from renewed COVID-19 outbreaksUncertainty has overtaken the crude oil markets again for several reasons. Since March, crude oil markets have mostly been ascending. But prices declined last week by a greater margin than any time in the last four-plus months. And the resurgence of COVID-19 in many parts of the world is clouding the near-term future of oil.…

OPEC dispute sends oil market reeling

U.A.E. prepares for a post-oil world, endeavouring to make the best of the oil it has before demand shrinks for good

OPEC dispute sends oil market reelingCrude oil markets have left a confused picture and observers can’t decipher where prices will stabilize. In the immediate aftermath of the Organization of Petroleum Exporting Countries (OPEC) fiasco last week, oil prices were on a slippery slope. OPEC+ ministers halted crude oil output talks on July 5 after the United Arab Emirates rejected a…

Saudi Arabia losing its clout within OPEC+ and the Middle East

As OPEC+ talks to increase crude oil production stall, the Saudis seem to have lost a key ally in the United Arab Emirates

Saudi Arabia losing its clout within OPEC+ and the Middle EastAdrenalin never stops flowing in the oil business. Dull moments are rare. The emerging scenario among the Organization of Petroleum Exporting Countries and their allies in the expanded OPEC+ is no different. The group was on the verge of finalizing a deal on Thursday to increase its crude output by two million barrels per day…

OPEC+, IEA clash over future of fossil fuels

IEA wants all investments in new developments to stop. Others warn that could lead to $200 a barrel oil

OPEC+, IEA clash over future of fossil fuelsThe 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 pulling geopolitical strings to get its oil to market

Iran orchestrated Houthis attacks on Saudi Arabia to coerce the Saudis to market its oil

Iran pulling geopolitical strings to get its oil to marketAs 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.…

India confronts Saudi Arabia over crude oil prices

Fed up with the Saudi's "artificially jacking up the prices"

India confronts Saudi Arabia over crude oil pricesAn 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…

OPEC+ opens oil production taps after U.S pressure

With the continuing OPEC+ oil output cuts, markets were going into an overdrive mode. Prices at U.S. gas stations rose sharply

OPEC+ opens oil production taps after U.S pressureSurprising 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…
1 2 3