The new sanctions will still tighten the screws on Russia’s energy sector, altering how the country does business with the global energy industry and increasing risks of partnering with Russian companies.
In the aftermath of the 2014 price fall, producer countries have had to reevaluate policy and economic strategy while contending with a persistent glut that may dampen prices for some time, further undermine their budgets, and possibly cause domestic strife.
Venezuela’s current state of affairs is a prime example of why it’s important for economies of both producers and consumers to reduce dependence on oil. The meltdown in Caracas is a precarious situation for the U.S., given that Venezuela is its number three crude oil supplier.
The myriad issues that Angola is struggling with right now, including declining production and weak prices, reflect the challenges ahead for Isabel dos Santos and the country’s oil industry.
The oil industry opposed the disclosure requirements, arguing that the rules are onerous and costly while putting American companies at a disadvantage in the international market.