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…

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…

Rising gasoline prices at the heart of runaway inflation

A climate catastrophe seems in the making. And mitigating the impact of the Ukraine crisis won’t be easy

Rising gasoline prices at the heart of runaway inflationThe Paris-based International Energy Agency is widely viewed with respect, its analyses providing a better understanding of the direction of energy markets and the issues impacting the industry. IEA is the energy watchdog of the Organization for Economic Co-operation and Development (OECD), founded by the likes of Henry Kissinger in the immediate aftermath of the…

As oil prices rise, global economic uncertainty grows

And OPEC is in no mood to open taps to fill in any gaps created by the absence of Russian crude

As oil prices rise, global economic uncertainty growsThe oil markets are likely to face another round of supply disruptions. Most indicators point to a bullish trend in the near future. After recently announcing the release of over 180 million barrels of crude oil from its strategic reserves (SPR) over the next six months to cool down the markets, the United States government…

The global energy map faces dramatic revisions

Putin's war on Ukraine has changed everything

The global energy map faces dramatic revisionsEnergy security is back on the global agenda. Not long ago, energy security was almost taken for granted by all. With the emergence of new energy frontiers over the last decade and a half – including shale oil and gas and the growing emphasis on renewables in the Americas – it was felt that energy…

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…

Crude oil markets in turmoil as Ukraine war continues

How much Russian crude will be locked out and for how long?

Crude oil markets in turmoil as Ukraine war continuesThe global oil markets are far from stable. Having entered a turbulent phase, the see-saw continues. After almost touching the US$130-a-barrel mark in early March, crude oil prices have registered a dramatic reversal, hovering around US$100 a barrel. Early last week, crude prices were on a slippery slope. With some underlining issues, markets were heading…
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