The Saudis continue shifting its goals for where oil prices should be. The Kingdom is now signaling that it wants to increase prices to $80-$100 per barrel in order to enhance the valuation for its planned initial public offering.
Modernized fuel-efficiency standards have been a cornerstone of energy policy since the 1970s, reducing the negative effects of petrostates on the U.S. economy.
The geopolitical events of today are a perfect reminder of why the country must not come to an impasse over fuel efficiency standards.
More sanctions against Venezuela could be looming, which would further undermine the country’s production at a time the global market is tightening.
The lifting of sanctions in 2016 kicked off a nasty political debate inside the country about revised contract terms and who exactly should benefit from Iran’s oil sector revival.
Some commentators argue that due to the rapid rise in shale production, reliance on petroleum is not a national economic and security threat. But oil dependence remains a strategic vulnerability for U.S. consumers and businesses.
OPEC officials warn that underinvestment may lead to a price spike, but major oil producers do not have a strategy to meet longer-term demand growth.
Circumstances in the oil markets are expected to change, perhaps dramatically, early next decade. While U.S. production is expected to grow by a massive 2.5 Mbd in 2018-19, increases will thereafter slow considerably.
The divergence in shale forecasts stems from differences over macroeconomic assumptions, price expectations, the supply chain outlook, and productivity projections.
High-ranking officials of two major IOCs will go on trial in Milan for bribing Nigerian officials to secure lucrative contracts, marking the third major corruption scandal that has touched large oil companies in recent years.