The volatile nature of oil prices, widespread opposition to new projects, and the uncertainty of local and national politics make it crucial for Colombia to diversify its economy.
The Forties outage shows how supply disruptions anywhere globally will impact consumers in all markets.
Countries that rank low in cyber readiness account for more than 44 million barrels per day, approximately 45 percent of the world’s daily oil production.
The fact that Nigeria is considering prepayment deals with traders these deals is significant. It reflects how countries that are highly dependent on oil income are taking extraordinary measures to maintain stability while oil prices are relatively low.
A clumsy exit strategy, producers cheating on quotas, or a rapid response from U.S. shale producers could undermine the effectiveness of the deal. Conversely, the potential for higher prices is also a stark possibility.
At an event hosted by Securing America’s Future Energy, experts warned that a combination of underinvestment in long-cycle conventional petroleum projects and rising geopolitical risk may significantly increase prices next decade.
Stacking PDVSA with military officials may help President Maduro avert unrest in the short run, but it will likely accelerate the deterioration of the state oil company.
An extension is virtually guaranteed but today’s overwhelming consensus masks real divisions, complications and misgivings.
As OPEC and its non-OPEC allies gather in Vienna this week, it will mark the three-year anniversary of the cartel’s pivotal decision to produce all out and allow prices to fall sharply.
OPEC will attempt to manage perceptions in both the physical and financial markets—but given its track record, it will not likely produce stability and certainty, but instead ambiguity and volatility.