All eyes are focused on Saudi Arabia. Will it continue to single-handedly maintain stability in the markets?
Uncertainty has overtaken the crude oil markets again for several reasons. Since March, crude oil markets have mostly been ascending. But prices declined last week by a greater margin than any time in the last four-plus months. And the resurgence of COVID-19 in many parts of the world is clouding the near-term future of oil.…
U.A.E. prepares for a post-oil world, endeavouring to make the best of the oil it has before demand shrinks for good
Crude oil markets have left a confused picture and observers can’t decipher where prices will stabilize. In the immediate aftermath of the Organization of Petroleum Exporting Countries (OPEC) fiasco last week, oil prices were on a slippery slope. OPEC+ ministers halted crude oil output talks on July 5 after the United Arab Emirates rejected a…
As OPEC+ talks to increase crude oil production stall, the Saudis seem to have lost a key ally in the United Arab Emirates
Adrenalin never stops flowing in the oil business. Dull moments are rare. The emerging scenario among the Organization of Petroleum Exporting Countries and their allies in the expanded OPEC+ is no different. The group was on the verge of finalizing a deal on Thursday to increase its crude output by two million barrels per day…
But much still depends on United States-Iran nuclear talks and how OPEC+ members will react to any deal
Crude oil markets are hot. Prices are up and the US$75 line has been breached. Chatter about oil touching US$100 is getting loud and clear. Global oil consumption is getting closer to the pre-pandemic levels. The bleak clouds hanging over the crude oil horizon are beginning to dissipate. Industry eyes are again on the Organization…
US$100 oil is a distinct possibility
The world needs more oil. The Organization of Petroleum Exporting Countries (OPEC), Russia and American shale oil producers all need to up their output to keep the rising prices of the “super cycle,” as Saudi Energy Minister Prince Abdulaziz bin Salman called it, under control. Media reports say Prince Abdulaziz bin Salman told the Robin…
The IEA concedes rising oil demand at odds with its call to end new oil, gas and coal funding
The International Energy Agency (IEA) is torn between two conflicting ends. On one hand, it’s grappling with climate change issues; on the other, it sees rising oil prices. For now, the two ends seem to be running parallel but not converging. Oil demand is rising fast, as are prices, reaching multi-year highs on Friday. Brent…
A global minimum corporate tax is a 20th-century solution imposed on the 21st-century, where the digital realm is disrupting taxation
World leaders should resist U.S. pressure to enact a global minimum corporate tax, despite a recent move by the G7 countries to adopt the plan. It would harm corporations, small companies, workers and consumers while discouraging investment and wealth creation. If anything, the world needs more competition for post-pandemic recovery. U.S. Treasury Secretary Janet Yellen’s…
IEA wants all investments in new developments to stop. Others warn that could lead to $200 a barrel oil
The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this…
Canada must emulate countries such as Liechtenstein and Malta, which adapted legislation in advance to attract crypto entrepreneurs
The Canadian cryptocurrency industry knew mainstream adoption would inevitably come with a regulatory load, especially after the 2019 collapse of the largest exchange at the time, QuadrigaCX. Participants, however, didn’t expect regulators to come with one of the most heavy-handed approaches possible. On March 29, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory…
Alternative energy and calls for the world to overcome its reliance on fossil fuels gaining currency
The short-term prognosis for crude oil looks exciting. But that may be a mirage. The approaching summer driving season in the Northern Hemisphere and the lifting of COVID-19 restrictions have stimulated demand. The Organization of Petroleum Exporting Countries (OPEC) and its allies in the expanded OPEC+ appear confident that with the accelerating vaccination programs and…
The IEA lays out recommendations for what needs to happen, and when, to transform the global economy from one dominated by fossil fuels
The world must act quickly on climate change, says the International Energy Agency. To meet the net-zero emission targets and limit the worst impacts of climate change, a sprint is absolutely essential, says the Paris-based IEA, the energy watchdog for the Organization for Economic Co-operation and Development (OECD). Reaching net-zero emissions will require a huge…
Biden seems to have slackened America's tight grip on Iranian crude exports reigniting a market share battle within OPEC
Iran and the United States are closing in on reviving the 2015 Joint Comprehensive Plan of Action (JCPOA), commonly termed as the Iran nuclear deal. U.S. President Joe Biden is keen to strike a deal before the June presidential elections in Iran, which hardliners are projected by many to win. All this has significant bearing…
Oil producers face catastrophe if countries worldwide move to limit global warming by two degrees Celsius
Crude oil demand is weak and the fundamental factors aren’t encouraging. Yet, most major oil-producing countries are moving to boost their output levels in the short run. Why? Saudi Arabia is pursuing plans to develop major offshore expansion projects to add an extra 1.15 million barrels per day (bpd) to its oil capacity by 2024,…
The Chinese government wants to dominate all other nations, seeking submission on its terms. We must resist
The vote by Canada’s Parliament to declare the actions of the Chinese government a genocide against the Uyghur people highlights the growing discordance between Western democracies and the increasingly repressive and aggressive Chinese regime. The Chinese government also engages in cultural repression, surveillance or discrimination against its Tibetan, Mongolian and Korean minorities. China has benefited…
The recent spike in oil markets was engineered – fundamentals didn’t drive it. There were issues about the tight leash on output
The oil market recovery is faltering. Uncertainty over the speed of an economic recovery and whether there will be a full rebound in global oil demand is holding back the markets. Stalled COVID-19 vaccination efforts in parts of the world and a strong dollar are also keeping the markets from rising much further. The recent…