Given the group’s discord, it’s unclear if OPEC+ will sufficiently handle the current complex market situation, which is experiencing a number of fast-moving events, such as lost supply in Venezuela, Libya, and other producer nations.
OPEC members are split over whether to change strategy, as global oil markets are trading just under $80 per barrel and consuming countries are pressuring producers to increase output.
Unrestricted access to Arctic sea routes will further link China’s developing economy with some of the world's most advanced markets, including the United States, Canada, and Norway.
In today's global oil market, price movements, in either direction, are largely dependent on OPEC's actions and verbal intervention. Current political and market dynamics make it clear that shale was never a panacea.
ISIS is no longer the “richest terrorist group in the world.” Its oil fortunes have disappeared, along with its territorial control. Even though ISIS may be out of the oil business, the fight for Syria’s oil and gas wealth isn’t over.
Because of lower spending levels, oil companies have injected more resources into existing oil fields, rather than greenfield projects, particularly ones with long lead times.
Although they have been caught off guard by U.S. growth, OPEC members and their non-OPEC partners have successfully regrouped and will likely be well positioned if fundamentals eventually tighten even more.
Smaller producers are eager to work with OPEC or join the cartel in an effort to boost their reputation, amplify their market clout, and gather research, information, and resources to attract investment.
Major oil producing countries, and wealthy individuals in certain petrostates, have injected billions of dollars into soccer clubs, mostly in European leagues, and their reach is spreading in an attempt to promote their “soft power.”
With purchases of U.S. crude, European countries are able to reduce Russia’s leverage and force Moscow to negotiate and be more cooperative.