Oil plays a crucial role in global politics and economics. The document discusses the relationship between major oil producing countries (OPEC nations like Saudi Arabia, Iraq, Iran, Libya, Nigeria) and Western countries like the US and EU. It explores both the positive and difficult aspects of these relationships. Additionally, it examines how factors like alternative energy sources, economic conditions, and political stability have impacted and reduced OPEC's dominance in global oil markets in recent decades.
- The Covid-19 outbreak and collapse of the OPEC+ alliance have created a perfect storm in the oil markets, with both a reduction in demand due to the economic slowdown and a coming oversupply as Saudi Arabia and Russia increase production.
- Oil prices have collapsed to around $36 per barrel and could fall further, pressuring the budgets of oil producing countries who need higher prices. This will weaken the economies of Russia, Saudi Arabia, and other OPEC members.
- The renewable energy sector may also see delays and slower growth as supply chains are disrupted and economic difficulties reduce investment and subsidies. Gas markets will remain oversupplied and depressed.
- The European Green Deal faces challenges
Energy security policies as a driver for European shale gas and oil development?Bartek Kwiatkowski
In the context of the EU #EnergySecurity Strategy presented on May 28, I recommend our text "Energy security policies as a driver for European shale gas and oil development?" published - conveniently - in the May issue of International Shale Gas and Oil Journal thanks to Izabela Albrycht. Very timely, maybe slightly controversial.
How have the Prices of Crude Oil Affected Due to Lockdown? - Phdassistance.comPhD Assistance
COVID-19 threatens the survival of the modern-day human Homo sapiens. The tiny virus has expanded its active presence across continents, with an impactful footprint in over 175 nations. Petroleum sector, more precisely crude oil, is one of the linchpins of global economy. In December 2019, the appearance of the corona virus in China and the gradual expansion of the epidemic drastically reduced crude oil demand and price.
Lockdown is in effect in Italy, Germany, India, Great Britain, South Africa, and Spain. Corona lockdowns have appealed people to "stay home" and avoid unnecessary travel. Corona effectively limits all modes of movement and thus the transport sector 's oil use is expected to drop dramatically. Additionally, shorter manufacturing and consumer operations should limit fuel usage.
To Learn More: https://www.phdassistance.com/blog/
Contact Us:
UK NO: +44-1143520021
India No: +91-8754446690
Email: info@phdassistance.com
How have the Prices of Crude Oil Affected Due to Lockdown? - Phdassistance.comPhD Assistance
COVID-19 threatens the survival of the modern-day human Homo sapiens. The tiny virus has expanded its active presence across continents, with an impactful footprint in over 175 nations. Petroleum sector, more precisely crude oil, is one of the linchpins of global economy. In December 2019, the appearance of the corona virus in China and the gradual expansion of the epidemic drastically reduced crude oil demand and price.
Lockdown is in effect in Italy, Germany, India, Great Britain, South Africa, and Spain. Corona lockdowns have appealed people to "stay home" and avoid unnecessary travel. Corona effectively limits all modes of movement and thus the transport sector 's oil use is expected to drop dramatically. Additionally, shorter manufacturing and consumer operations should limit fuel usage.
To Learn More: https://www.phdassistance.com/blog/
Contact Us:
UK NO: +44-1143520021
India No: +91-8754446690
Email: info@phdassistance.com
Discovered new energy, nuclear deals of Iran, oil prices continue to go down, ISIS phenomenon and the failure of Arab Spring, economic deficit of oil exporter islamic countries, will be a sign of new beginning of islamic countries in global energy politics.
Ivo Pezzuto - Venezuela: Crisis in Caracas. The Global Analyst Magazine June ...Dr. Ivo Pezzuto
Venezuela is facing its worst economic crisis in decades due to a collapse in global oil prices, which has severely impacted the oil-dependent country. The crisis has led to shortages of food, medicine and other basic goods. High inflation and currency controls have further exacerbated problems. If oil prices do not rise or the crisis worsens, Venezuela risks defaulting on its debt.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
The document discusses the political, economic, and security situation in Iraq. Politically, Iraq is a federal parliamentary republic facing ongoing political instability and violence since the US invasion. Economically, Iraq remains heavily dependent on oil exports, but has faced challenges due to wars and instability. The document discusses proposed political solutions to Iraq's ongoing crisis, including reviving a power-sharing agreement, as well as efforts to strengthen economic cooperation between Iraq and neighboring Iran.
- The Covid-19 outbreak and collapse of the OPEC+ alliance have created a perfect storm in the oil markets, with both a reduction in demand due to the economic slowdown and a coming oversupply as Saudi Arabia and Russia increase production.
- Oil prices have collapsed to around $36 per barrel and could fall further, pressuring the budgets of oil producing countries who need higher prices. This will weaken the economies of Russia, Saudi Arabia, and other OPEC members.
- The renewable energy sector may also see delays and slower growth as supply chains are disrupted and economic difficulties reduce investment and subsidies. Gas markets will remain oversupplied and depressed.
- The European Green Deal faces challenges
Energy security policies as a driver for European shale gas and oil development?Bartek Kwiatkowski
In the context of the EU #EnergySecurity Strategy presented on May 28, I recommend our text "Energy security policies as a driver for European shale gas and oil development?" published - conveniently - in the May issue of International Shale Gas and Oil Journal thanks to Izabela Albrycht. Very timely, maybe slightly controversial.
How have the Prices of Crude Oil Affected Due to Lockdown? - Phdassistance.comPhD Assistance
COVID-19 threatens the survival of the modern-day human Homo sapiens. The tiny virus has expanded its active presence across continents, with an impactful footprint in over 175 nations. Petroleum sector, more precisely crude oil, is one of the linchpins of global economy. In December 2019, the appearance of the corona virus in China and the gradual expansion of the epidemic drastically reduced crude oil demand and price.
Lockdown is in effect in Italy, Germany, India, Great Britain, South Africa, and Spain. Corona lockdowns have appealed people to "stay home" and avoid unnecessary travel. Corona effectively limits all modes of movement and thus the transport sector 's oil use is expected to drop dramatically. Additionally, shorter manufacturing and consumer operations should limit fuel usage.
To Learn More: https://www.phdassistance.com/blog/
Contact Us:
UK NO: +44-1143520021
India No: +91-8754446690
Email: info@phdassistance.com
How have the Prices of Crude Oil Affected Due to Lockdown? - Phdassistance.comPhD Assistance
COVID-19 threatens the survival of the modern-day human Homo sapiens. The tiny virus has expanded its active presence across continents, with an impactful footprint in over 175 nations. Petroleum sector, more precisely crude oil, is one of the linchpins of global economy. In December 2019, the appearance of the corona virus in China and the gradual expansion of the epidemic drastically reduced crude oil demand and price.
Lockdown is in effect in Italy, Germany, India, Great Britain, South Africa, and Spain. Corona lockdowns have appealed people to "stay home" and avoid unnecessary travel. Corona effectively limits all modes of movement and thus the transport sector 's oil use is expected to drop dramatically. Additionally, shorter manufacturing and consumer operations should limit fuel usage.
To Learn More: https://www.phdassistance.com/blog/
Contact Us:
UK NO: +44-1143520021
India No: +91-8754446690
Email: info@phdassistance.com
Discovered new energy, nuclear deals of Iran, oil prices continue to go down, ISIS phenomenon and the failure of Arab Spring, economic deficit of oil exporter islamic countries, will be a sign of new beginning of islamic countries in global energy politics.
Ivo Pezzuto - Venezuela: Crisis in Caracas. The Global Analyst Magazine June ...Dr. Ivo Pezzuto
Venezuela is facing its worst economic crisis in decades due to a collapse in global oil prices, which has severely impacted the oil-dependent country. The crisis has led to shortages of food, medicine and other basic goods. High inflation and currency controls have further exacerbated problems. If oil prices do not rise or the crisis worsens, Venezuela risks defaulting on its debt.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
The document discusses the political, economic, and security situation in Iraq. Politically, Iraq is a federal parliamentary republic facing ongoing political instability and violence since the US invasion. Economically, Iraq remains heavily dependent on oil exports, but has faced challenges due to wars and instability. The document discusses proposed political solutions to Iraq's ongoing crisis, including reviving a power-sharing agreement, as well as efforts to strengthen economic cooperation between Iraq and neighboring Iran.
The document summarizes the state of the global economy in the context of uncertainty arising from the Russian invasion of Ukraine. It notes that while recovery was underway in early 2022, the invasion has increased economic uncertainty and risks slowing global GDP growth by over 1 percentage point. Commodity and energy prices have risen sharply due to supply disruptions, posing inflationary pressures worldwide. Central banks are beginning to withdraw pandemic stimulus measures like quantitative easing in response to high inflation.
This thesis examines the emerging detente between longtime rivals Saudi Arabia and Iran. Shifting political dynamics in the late 1990s, including moderate presidents in both countries, created an environment where economic cooperation became a priority. The collapse of oil prices in 1998 exacerbated both countries' economic troubles and forced them to cooperate within OPEC to raise prices. While still ideological opponents, Saudi Arabia and Iran now work together on economic and security issues, with implications for regional stability and global oil markets.
The document provides a weekly update on the global oil and gas markets. It discusses how the upcoming US presidential election is unlikely to significantly impact near-term energy markets. Oil, gas, and equity markets continue looking past current economic weakness as demand recovers slower than expected. US natural gas prices have risen due to declining production and increasing demand from LNG exports and industry. Jet fuel demand remains weak as air travel has not recovered, impacting oil demand forecasts through 2021. The document also provides brief details on EY as an organization focused on the oil and gas sector.
Devaluation of Crude Oil and its Impact on World EconomyRushita Thakkar
Lower oil prices are having significant financial and economic impacts around the world. Oil exporting countries like Russia, Saudi Arabia, Venezuela, and Iran are facing budget deficits and recessions as their oil revenues decline. Meanwhile, oil importing countries benefit from reduced costs, which can help support growth, though some oil producing areas within these countries are struggling. The declines are largely due to increased supply from the US and lower global demand.
The document analyzes the potential impacts of Brexit on the UK aviation industry. It finds that the largest impact will likely come from slower economic growth reducing air traffic. Initial forecasts suggest UK traffic in 2020 will be 3-5% lower than without Brexit. The UK will need to secure access to the EU's single aviation market to allow carriers to operate freely. Bilateral agreements with other countries may need to be renegotiated separately from the EU. Border security and facilities are expected to change little in the short term.
This document discusses the political and economic situation in Iraq. Politically, Iraq is a federal parliamentary republic experiencing an ongoing political crisis. The US withdrawal has left the government without real autonomy. Economically, Iraq relies heavily on oil exports, but the ongoing conflicts have disrupted oil production and exports, damaging the economy. The document proposes increased economic cooperation between Iraq and neighboring Iran as a solution to help stabilize Iraq's economy.
This report discusses the recent decline in oil prices and the battle between OPEC and the United States for control of the oil market. Oil prices fell from over $110 per barrel in 2014 to under $50 per barrel in early 2015 due to increased production from the U.S. and other non-OPEC countries. While lower prices benefited consumers and some economies, they hurt oil-producing countries. The U.S. has significantly increased oil production in recent years through fracking and other methods. As a result, OPEC is losing its dominance over the oil market and control over prices. The oversupply of oil from both OPEC and non-OPEC producers means prices are expected to remain low
The document summarizes regional economic prospects in the EBRD (European Bank for Reconstruction and Development) regions. It finds that while the regional economy contracted 2.3% in 2020, the recovery is now gathering pace. Industrial production and retail sales have largely recovered. Vaccination rates have increased and mobility has returned to pre-pandemic levels. The recovery is supported by strong exports and rising commodity prices, though tourism-dependent economies remain challenged. Growth of 4.2% is projected for 2021.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
1) The Bord Gáis Energy Index fell 1% in August as modest increases in the Brent crude oil price were offset by falls in the wholesale prices of gas, coal, and electricity.
2) Commodity prices have fallen significantly from their highs in recent years due to oversupply issues in almost all raw materials markets driven by slowing demand from China.
3) The US administration took steps toward ending its ban on crude oil exports, which could benefit US oil producers and allies while hurting countries like Russia, Venezuela, and Iran if the ban is fully lifted. However, many political and economic issues still need to be addressed.
1. The document discusses global poverty statistics, highlighting that at least 80% of humanity lives on less than $10 per day and the poorest 40% accounts for only 5% of global income.
2. Key facts provided include that 22,000 children die daily due to poverty, 72 million primary-aged children are not in school, and over 1 billion people cannot read or write.
3. Infectious diseases greatly impact the poor, with millions of cases of malaria, HIV/AIDS, and lack of access to water, shelter, and healthcare.
Venezuela is a major oil exporter and supplier to the United States, exporting about 1.5 million barrels per day to the US which comprises 11% of US imports. However, Venezuelan oil production has fallen since 2001 due to government actions and a lack of investment. A disruption of Venezuelan oil exports could significantly increase global oil prices and reduce US economic output, while an embargo against the US or closure of Venezuelan refineries in the US would primarily impact oil prices and the economies of the US and Venezuela. US programs to ensure stable oil supplies from Venezuela have been discontinued, but options exist to mitigate short-term disruptions such as releasing oil from strategic reserves.
The crisis in the Middle East was caused by the lack of socioeconomic development in the region. The surge in the price of oil and oil products was a result of speculation regarding supply concerns and the probable spread of protests.
In the contemporary era, one of the US government strategies is to prevent Russia could rise to the status of major global or even regional power. In practice, the US government wants to avoid facing the future of a reinvigorated Russia. On Russia, it is important to note that its strategic objectives are: 1) to defend itself from the threat to their territory represented by the United States and with NATO forces; and, 2) achieving world power status lost with the collapse of the Soviet Union. To defend against the threat to their territory represented by the United States and the NATO forces, the military strategy of Russia provides for the resetting of the Army and Navy with the use of conventional and nuclear weapons in response to an attack on the country.
The worsening economic situation resulting from Russia's price drop of oil and the economic strangulation resulting of sanctions imposed by the US and European Union may radicalize the conflict with the United States making the Russian government decides on preventive military intervention in Ukraine that could further strengthen the power of Vladimir Putin in charge of Russia mobilizing the nation against foreign enemies. By contrast, the United States and NATO forces should act extending the siege of Russia starting a new Cold War.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
The document provides an overview of international trade relations between Russia, the EU, and the US. It discusses sanctions that the EU and US imposed on Russia in response to its actions in Ukraine. The sanctions have impacted Russia's economy by reducing trade, investment, access to capital markets, and increasing inflation. While the sanctions aim to pressure Russia, their impacts have also disrupted Russia's monetary policy and hurt some domestic firms. The document analyzes the current state of relations and trade ties between the involved parties.
The document summarizes the changing relationship between Saudi Arabia and the United States over recent decades. It discusses how their alliance was based on oil interests but has frayed in recent years due to several shocks, including 9/11 and the US shale oil boom. It outlines tensions caused by differing approaches to Iran and issues like the 9/11 lawsuit. However, the two countries are trying to salvage ties through increased cooperation on security issues. As the alliance weakens, Saudi Arabia is exploring new partnerships elsewhere.
The document discusses how oil changed international politics in the 20th century by making the US dependent on foreign oil imports. It explores US strategies to decrease dependence such as drilling in ANWR, but notes constraints like high costs of domestic production and environmental concerns. It also examines the importance of the Persian Gulf as a major oil producer and exporter, and how conflicts in the Middle East impacted global oil prices and trade relations between oil producing and consuming nations.
The document summarizes the state of the global economy in the context of uncertainty arising from the Russian invasion of Ukraine. It notes that while recovery was underway in early 2022, the invasion has increased economic uncertainty and risks slowing global GDP growth by over 1 percentage point. Commodity and energy prices have risen sharply due to supply disruptions, posing inflationary pressures worldwide. Central banks are beginning to withdraw pandemic stimulus measures like quantitative easing in response to high inflation.
This thesis examines the emerging detente between longtime rivals Saudi Arabia and Iran. Shifting political dynamics in the late 1990s, including moderate presidents in both countries, created an environment where economic cooperation became a priority. The collapse of oil prices in 1998 exacerbated both countries' economic troubles and forced them to cooperate within OPEC to raise prices. While still ideological opponents, Saudi Arabia and Iran now work together on economic and security issues, with implications for regional stability and global oil markets.
The document provides a weekly update on the global oil and gas markets. It discusses how the upcoming US presidential election is unlikely to significantly impact near-term energy markets. Oil, gas, and equity markets continue looking past current economic weakness as demand recovers slower than expected. US natural gas prices have risen due to declining production and increasing demand from LNG exports and industry. Jet fuel demand remains weak as air travel has not recovered, impacting oil demand forecasts through 2021. The document also provides brief details on EY as an organization focused on the oil and gas sector.
Devaluation of Crude Oil and its Impact on World EconomyRushita Thakkar
Lower oil prices are having significant financial and economic impacts around the world. Oil exporting countries like Russia, Saudi Arabia, Venezuela, and Iran are facing budget deficits and recessions as their oil revenues decline. Meanwhile, oil importing countries benefit from reduced costs, which can help support growth, though some oil producing areas within these countries are struggling. The declines are largely due to increased supply from the US and lower global demand.
The document analyzes the potential impacts of Brexit on the UK aviation industry. It finds that the largest impact will likely come from slower economic growth reducing air traffic. Initial forecasts suggest UK traffic in 2020 will be 3-5% lower than without Brexit. The UK will need to secure access to the EU's single aviation market to allow carriers to operate freely. Bilateral agreements with other countries may need to be renegotiated separately from the EU. Border security and facilities are expected to change little in the short term.
This document discusses the political and economic situation in Iraq. Politically, Iraq is a federal parliamentary republic experiencing an ongoing political crisis. The US withdrawal has left the government without real autonomy. Economically, Iraq relies heavily on oil exports, but the ongoing conflicts have disrupted oil production and exports, damaging the economy. The document proposes increased economic cooperation between Iraq and neighboring Iran as a solution to help stabilize Iraq's economy.
This report discusses the recent decline in oil prices and the battle between OPEC and the United States for control of the oil market. Oil prices fell from over $110 per barrel in 2014 to under $50 per barrel in early 2015 due to increased production from the U.S. and other non-OPEC countries. While lower prices benefited consumers and some economies, they hurt oil-producing countries. The U.S. has significantly increased oil production in recent years through fracking and other methods. As a result, OPEC is losing its dominance over the oil market and control over prices. The oversupply of oil from both OPEC and non-OPEC producers means prices are expected to remain low
The document summarizes regional economic prospects in the EBRD (European Bank for Reconstruction and Development) regions. It finds that while the regional economy contracted 2.3% in 2020, the recovery is now gathering pace. Industrial production and retail sales have largely recovered. Vaccination rates have increased and mobility has returned to pre-pandemic levels. The recovery is supported by strong exports and rising commodity prices, though tourism-dependent economies remain challenged. Growth of 4.2% is projected for 2021.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
1) The Bord Gáis Energy Index fell 1% in August as modest increases in the Brent crude oil price were offset by falls in the wholesale prices of gas, coal, and electricity.
2) Commodity prices have fallen significantly from their highs in recent years due to oversupply issues in almost all raw materials markets driven by slowing demand from China.
3) The US administration took steps toward ending its ban on crude oil exports, which could benefit US oil producers and allies while hurting countries like Russia, Venezuela, and Iran if the ban is fully lifted. However, many political and economic issues still need to be addressed.
1. The document discusses global poverty statistics, highlighting that at least 80% of humanity lives on less than $10 per day and the poorest 40% accounts for only 5% of global income.
2. Key facts provided include that 22,000 children die daily due to poverty, 72 million primary-aged children are not in school, and over 1 billion people cannot read or write.
3. Infectious diseases greatly impact the poor, with millions of cases of malaria, HIV/AIDS, and lack of access to water, shelter, and healthcare.
Venezuela is a major oil exporter and supplier to the United States, exporting about 1.5 million barrels per day to the US which comprises 11% of US imports. However, Venezuelan oil production has fallen since 2001 due to government actions and a lack of investment. A disruption of Venezuelan oil exports could significantly increase global oil prices and reduce US economic output, while an embargo against the US or closure of Venezuelan refineries in the US would primarily impact oil prices and the economies of the US and Venezuela. US programs to ensure stable oil supplies from Venezuela have been discontinued, but options exist to mitigate short-term disruptions such as releasing oil from strategic reserves.
The crisis in the Middle East was caused by the lack of socioeconomic development in the region. The surge in the price of oil and oil products was a result of speculation regarding supply concerns and the probable spread of protests.
In the contemporary era, one of the US government strategies is to prevent Russia could rise to the status of major global or even regional power. In practice, the US government wants to avoid facing the future of a reinvigorated Russia. On Russia, it is important to note that its strategic objectives are: 1) to defend itself from the threat to their territory represented by the United States and with NATO forces; and, 2) achieving world power status lost with the collapse of the Soviet Union. To defend against the threat to their territory represented by the United States and the NATO forces, the military strategy of Russia provides for the resetting of the Army and Navy with the use of conventional and nuclear weapons in response to an attack on the country.
The worsening economic situation resulting from Russia's price drop of oil and the economic strangulation resulting of sanctions imposed by the US and European Union may radicalize the conflict with the United States making the Russian government decides on preventive military intervention in Ukraine that could further strengthen the power of Vladimir Putin in charge of Russia mobilizing the nation against foreign enemies. By contrast, the United States and NATO forces should act extending the siege of Russia starting a new Cold War.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
The document provides an overview of international trade relations between Russia, the EU, and the US. It discusses sanctions that the EU and US imposed on Russia in response to its actions in Ukraine. The sanctions have impacted Russia's economy by reducing trade, investment, access to capital markets, and increasing inflation. While the sanctions aim to pressure Russia, their impacts have also disrupted Russia's monetary policy and hurt some domestic firms. The document analyzes the current state of relations and trade ties between the involved parties.
The document summarizes the changing relationship between Saudi Arabia and the United States over recent decades. It discusses how their alliance was based on oil interests but has frayed in recent years due to several shocks, including 9/11 and the US shale oil boom. It outlines tensions caused by differing approaches to Iran and issues like the 9/11 lawsuit. However, the two countries are trying to salvage ties through increased cooperation on security issues. As the alliance weakens, Saudi Arabia is exploring new partnerships elsewhere.
The document discusses how oil changed international politics in the 20th century by making the US dependent on foreign oil imports. It explores US strategies to decrease dependence such as drilling in ANWR, but notes constraints like high costs of domestic production and environmental concerns. It also examines the importance of the Persian Gulf as a major oil producer and exporter, and how conflicts in the Middle East impacted global oil prices and trade relations between oil producing and consuming nations.
Political risks in Global Energy: from "Resource Nationalism" to "Molecules o...energystate
This document summarizes the changing political risks associated with the global energy sector. It discusses how the concept of "resource nationalism" dominated in the 1970s-1990s as countries sought control over their oil and gas reserves. However, factors like the U.S. shale revolution and green revolution have reshaped the energy politics landscape in recent years. The shale boom reduced fears of dependence on state-controlled exporters by making the U.S. a major producer. Meanwhile, climate policies are being used increasingly as a political tool in Europe against hydrocarbon suppliers like Russia. Overall the political and economic dynamics around global energy are evolving in complex ways.
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Saudi Arabia always played a major role in global oil supplies during the 20th century, as well for the 21st century. This report aims at analysing the energy profile of the country, its market structure, its energy strategy for the future and also its foreign relations having regard to its oil dominance.
The document discusses the impact of the Russia-Ukraine war on the Indian and world economy. It identifies several key sectors in India that have been affected by the war, including oil, edible oils, agriculture, automobiles, and base metals. It notes rising inflation in crude oil, transportation, and daily goods due to the war. Globally, it says the war could slow growth and increase inflation. It also discusses impacts on poverty, commodity and energy trade, services, debt, and other areas.
The document summarizes the key points of the Iran nuclear deal reached between Iran and six world powers. The deal will lift sanctions on Iran in exchange for curbing its nuclear program. This will open up Iranian oil reserves to the global market, estimated to increase supply by 500,000 barrels per day. It will also allow Iran to sell natural gas. The increased supply of oil and gas from Iran is expected to put downward pressure on prices. While the deal could face opposition, it represents a major shift in opening up Iran's economy after years of isolation.
The Impact Of International Terrorism On Internal RelationAnas ali
The 9/11 terrorist attacks had major impacts on international relations and the global economy. The US used the international consensus against terrorism to justify military action in Afghanistan and Iraq. However, the Iraq invasion damaged the US image and failed to counterbalance US power as other nations had hoped. Economically, 9/11 slowed US productivity growth as more resources went to security. Industries like airlines and insurance were severely affected. Global trade and financial flows declined in the short term due to uncertainty. Countries increased defense spending while social views toward Muslims became more negative. Overall, 9/11 changed geopolitics and international economic relationships while strengthening nationalist sentiments.
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The theme for this quarter is consistency: in the significant trends impacting prices, at least. The forces that impacted oil prices in the second quarter were the same as those that have impacted prices quarter after quarter for the past several years. Surging North American production counterbalanced by OPEC+ production cuts has kept prices in a fairly narrow range. The market has become remarkably resilient. For some time now, long-dated oil futures have traded at a price very close to the market’s view of the break-even price of unconventional oil in North America.
This document discusses the impact of the global recession on energy markets. It makes three key points:
1) The 2003-2008 global economic boom overstressed energy markets due to insufficient investment in the prior decades.
2) While financial speculation influenced oil prices from 2007-2008, supply and demand remain the main market dynamics.
3) OPEC has managed to stabilize oil prices during the recession, with the current $60 per barrel price considered a success.
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Outlines the influence (and disadvantages) of globalisation on the economy of the United Arab Emirates (UAE), as well as strategies used to promote economic growth and development in the nation.
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- The document discusses the geopolitical objectives and interests of the US, Russia, and China in the Middle East.
- The US aims to reduce dependence on Middle East oil and construct pipelines to connect the region to Europe via Turkey as an alternative to Russian gas. Russia aims to prevent these pipelines to maintain its influence over European energy markets.
- China is also discussed briefly but its objectives in the region are not outlined in detail within the 3 page document.
This document summarizes a report on the economic impacts of the shale gas and tight oil boom in the United States. It finds that while the boom has increased oil and gas production and employment, some states have become more economically reliant on the energy industry and vulnerable to price declines. A 25% increase in oil prices would lead to over 550,000 job losses nationwide but benefit states like North Dakota, Oklahoma and Wyoming that have significant fossil fuel industries. However, these states' economies could be hurt substantially if prices decline sharply as they did in the 1980s. The boom has made some states less economically diversified, leaving them vulnerable to volatility in energy markets.
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
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1. 1. OIL AND INTERNATIONAL POLITICS OF OPEC COUNTRIES
1.1. INTRODUCTION
Oil and gas is a very rare and valuable resource, hence its huge influence on global
politics has been historically significant and the impact of its major suppliers
relationship with Western countries such as US and EU has become increasingly
critical as the demand for oil grew and the number of suppliers decline as a result of
various factors in the past decade, and without the achievement of the promises of
breakthroughs in alternative energy sources (matitunovic, 2009). Oil plays a crucial
role in the global economy and bilateral relations between oil producing countries
such as Saudi Arabia, Iraq, Iran, Libya and Nigeria with the European Union
countries and United States of America is very significant and fundamental to shaping
international policies and agreements. This relationship have been both positive and
difficult at times, however, with some countries like Saudi, Nigeria having a more
positive outlook to the West than gulf countries like Iraq, Iran Libya.
1.2. THE GOOD AND THE BAD
For example, relations between Saudi Arabia and EU have seen both good and bad
times; however, historically it has been a strong and strategic relationship as a result
of Saudi position in the Gulf region and its oil wealth, and the sales of power,
mechanical and electrical equipments and appliances to Saudi Arabia. It is often
assumed that the US and EU depends on Saudi oil and fuel derivatives, forgetting that
Saudi also depends on US and EU machineries and equipments. Trades statistics
between EU and Saudi Arabia, for example in the past four years shows trade deficits
on the part of Saudi Arabia (ec.europa.eu). Similarly, Nigerian position in global oil
market, African and OPEC as African largest oil producer and OPEC sixth producer
behind Saudi, Irag, Iran, Libya, Kuwait. Nigeria economy is dependent like most
other OPEC countries, but a dynamic market conditions, changing trends of buyers
demands, volatile gulf politics, decreasing US and EU dependence on oil among other
factors mentioned, all contributed to the need for major oil producing countries to
seek economic diversification.
Iran and Iraq on the other hand until recently, Iraq after the West led military removal
of hard-line and anti West President, Saddam Hussein, Iraq was a pariah nation, up
until 2004; Iran like Iraq both exchanges the second and third OPEC quota as largest
oil exporting country behind neighbouring Saudi Arabia. Recently, Iran like Iraq
nurtured covert ambition to destabilise Western countries with threats of nuclear
weapon to build chemical reserves. The outcome and political upheaval of the Iraqi
military expedition in 2004 however meant that Iranian threat to global peace must be
treated with care leading to a US and EU imposed embargo on Iran oil exports. Iran’s
output has been in decline since the end of 2008, Bloomberg data show. The drop
accelerated this year as the U.S. and EU tightened sanctions aimed at curbing the
Islamic republic’s nuclear program. Iran says its atomic projects are for civilian
purposes (Bloomberg, news, 2012).
2. One would have expected that sanction of Iran oil could have harsh effect on global
oil supplies and prices given Iran position as a major oil producer, however, many
factors such as current reduced demand for oil as a result of economic slow down,
increased production of Saudi, US shale oil, resumed Iraq and Libyan productions
have covered the losses form Iran. The lower effect of Iran shortage supply as a result
of the sanctions could easily be traced to enhanced production and stability from Iraq
and Libya, as well as increased Saudi and US production. Therefore, temporarily the
sanctions on Iran are biting hard on the country and appear to have no major effects
on the demand curve or the volatile oil price dynamics.
Thus the sanctions have been effectives in the period, with global supplies rising
about 2.2 per cent. Couple with these factors, the complex fundamentals of oil prices
and increasing demand from China, India; reduced output, under investments in
production capacity among other factors (Matitunovic, 2009). It does not seem that
Iran will have the financial capacity to continue its nuclear program given the
potential negative effects of the sanctions on its economy, and the temporarily non
adverse effect of lack of Iran production supplies on the global oil market price.
1.2.1. ECONOMIC INFLUENCE OF NATURAL RESOURCES
Theorist (Newman (2010) cited Hirschman, 1945, and D'Anieri, 1999) the economic
influence of natural resources often posited that a state can use its economic and
natural resources power against another under certain conditions, such as:
1) The exporting state must have a larger economy than the importing state in
order to survive any economic conflict. By this measure, it is assumed or suggested
that Saudi, Iraq, Iran and other OPEC nations with smaller economies compared to
their larger and more developed US/EU countries is at a disadvantage. The US is
Iran's third largest importer partner, behind China and Russia and its first largest
export partner, followed by Switzerland, China and Russia (trade.ec.europa.eu).
However, the US is Saudi, Iraqi, and Nigeria largest importer. Therefore, US often
have a very strategic interest in the domestic politics of these countries, even when it
is not in the best interest of US/EU citizens. For example, the US led Iraqi military
campaign of 2003/05 was not very popular among the US/EU citizens. Though, there
has been no military campaign against Iran at present. The level of Iranian export and
import with EU shows export at 2.4 and import at 25.5 respectively (stat.wto.org).
Thus, with the recent embargo by US and Europe on trade embargo with Iran, the
country economy is expected to suffer a serious setback.
Sanctions some writers argue do not work, because if it would the sanctioned state
would not allow it to take effect as a threat. Ordinarily, it might appear that because
China, India are major buyers of Iran's oil, it is possible that US and EU oil embargo
might not work. However, considering the influence of European companies in the
shipping and insurance sector, the effect of the embargo has resulted in steep
3. inflation, rising costs of consumers products and loss of revenue; oil constituting over
80per cent of Iran national revenue (Bloomberg, 2012, IEA, 2007).
Saudi on the other hand is a more liberal state politically and despite recent political
upheavals in the gulf region resulting in the removal of many erstwhile long term
serving rulers such as Libyan, Gaddafi. Saudi has remained relatively stable and
production is not much affected by any major internal crisis. It is normally assumed
that EU and US depends on Saudi oil; yet Saudi dependence on EU/ US machineries
and equipments is a critical factor also in the relationship between those countries. It
suggest to me that for the next decade EU/US will have a major stake in Saudi
political outcomes with a guarantee of a more stable oil prices as a result of Saudi
influence in OPEC. Saudi Arabia will continue to play a very active and strategic role
in global oil supplies and its position as a leading OPEC country, and a key western
ally. The below table shows an increase between 2009 to 2011 of Saudi import from
EU as a result of increased trade liberalization and Saudi dependence and investment
on infrastructures.
Table 1 Saudi and EU Trade Information
The demand for oil as a catalyst for the global economy and production has
considerable impact on Saudi Arabia economy and international and bilateral relations
with her major oil importers such as USA and EU, as world number one oil reserves
and OPEC number one producer (www.eia.gov). Demand for alternative energy
sources is growing each day due to a number of factors. For example, increasing use
of fuel products for transport and other consumption by Saudis as a result of
government subsidies; there is also an increasing current trend shift to alternative
energy sources such as ethanol, solar, natural gas etc. A target was set by the Saudi
0
5
10
15
20
25
30
Imports Exports
2009
2010
2011
4. government to achieve reduced energy consumption using oil products by 2020.
Likewise, there is a huge effort by other exporting West nations to reduce their
dependence on oil and its bye products. Oil dependence and especially addiction on
Saudi oil is purported by the public to hamper appropriate bilateral foreign policies,
pose security and serious environmental dangers (www.climateandenergy.org).
Consumers can shift from oil to other energy sources or they can switch to deliveries
from other oil fields. Oil's declining share, combined with energy's declining
importance in the world economy, diminishes the economic impact that oil producers
have on the economy (www.eai.com)..
Though, consumption of oil was predicted to decline as a result of non alternative
energy sources, recent increase in oil prices does not reflect this hypothesis. And the
demand as a result of growing population from Japan, China, India, which are non
major oil producers but big consumers. Over the last four decades (1970 to date)
Saudi Arabia, Nigeria despite recurrent ethnic crisis has consistently remained a major
oil producer in such a manner that if any OPEC nation sneezes the world oil prices
tumble drastically. The public and media sees OPEC dominant role, especially Saudi
in oil export to both US and EU as having an undue advantage on US/EU foreign
policies with OPEC countries such as Saudi (www.eai.com).
However, despite the hypothesis of an imbalance relationship current market trends
suggest that US/EU dependence on OPEC oil is on the decline, even if temporarily.
Cooke (2004) analyzed that factors such as declining oil consumption as a result of
shift in western economies, e.g, United States which has cut its oil consumption by 25
percent using more computers and energy efficient products, and alternative energies
are contributing. Among several factors contributes to this trend, the resource curse
syndrome attributed to instability among major OPEC oil producing countries, such as
Iran, Iraq, Angola, Nigeria, and a high level of poverty among these countries; war
and political crisis in major producers countries like Libya results in production
shortages and a price volatile regime.
Growth of oil in West consumption 1980 to 2013 and increasing sources of alternative
energy in natural gas, solar energy, and nuclear energy are other factors reducing
West countries dependence on OPEC oil. Example of industries seeking substitutes to
oil use is transportation, which currently consumes a significant percentage of global
oil. There are electric cars in commercial sales in Some developed countries,
however, low economies of scale for mass production at high cost prices would
suggest that the market for this products are not yet ripe, therefore promises of
reduced oil dependence might take some time to become a reality
(www.oilprice.com).
That said, the best guess at the moment is that the decline in oil's share of world
energy use and the discovery of new oil fields around the world also contributes to
reduce the ability of oil producers such as Saudi Arabia to solitarily affect influence
prices (www.eai.com). Nevertheless, other factors are contributing to reduction in
OPEC oil influence, such as the resumption of stable production from Iraq; Libya is
also coming on board, Nigeria among other top producing nations.
5. 1.2.1.1. THE ROLE OF OPEC IN THE GLOBAL POLITICS AND
ECONOMY
There have been an increasing non-OPEC oil supplies and relative stable market
prices. Between (2008/2012) non OPEC oil production has relatively been on the
increase. Some experts predicted that non OPEC production will outperform OPEC
output in the next decade on the projections that Canadian shale oil production will
increase (business.financialpost.com), reducing US importation from other countries.
An advance in alternatives energy sources is also a major that will reduce OPEC
political and economic relevance. The production of US oil has experienced
substantial growth in capacity (Bloomberg.com/2012). In addition, increase in
production capacity from West Africa, Iraq, South American countries, and a decrease
in US/ EU consumption will impact negatively on the long run on OPEC production
statistics and world oil position. Another factor that will alter OPEC role in global
politics is the shifts to democratic forms of government in the volatile Gulf region,
which might project a decade of peace in the region, despite Iranian threat of Uranium
enrichment and nuclear weapon acquisition.
Another factor contributing to diminishing OPEC advantage is the use of new
technologies for oil explorations and drilling, thus eroding the power of the OPEC
exporting blocs of countries to influence price. These technologies also oil discoveries
in locations otherwise remotely unfeasible previously. Nigeria is another country with
a positive and stable relation with the West nations. Domestic issues over the years
have seen a serious setback in the countries production capacity, however overall
central government outlook to US/EU has been rather positive. Recently, the country
export to US alone grew to 800,000bpd. However there are market signs that that
figure might decline in the next coming months as a result of US effort to reduce oil
dependence while looking for ways to cut its budget deficit and stimulate economic
growth after the global financial crisis (www.cges.co.uk). Nigeria is Africa largest oil
producer, despite drop in US export as a result of reduction in US consumption,
general shift towards alternative energy and increase in drilling of shale oil, and
increase in America production (www.cges.co.uk).
1.2.1.2. IMPACT ON WESTERN NATIONS
The OPEC countries economy is heavily dependent on the money-spinning oil and
gas sector. Oil and gas is very profitable because of its scarcity and unstable nature of
oil prices most countries relying on it for national income have ceased to design a
more diversified and globally integrated economy as a result, the sector has been a
source of periodic but persistent economic instability (www.cges.co.uk, 2012).
The impact of oil and energy in the last decade have seen a major reappraisal leading
to significant changes in production and OPEC dominant position as major affect on
oil and world energy use have reduced the role of energy in the world economy and
6. the role of oil in the world energy picture. Furthermore, changes in the world's oil
production pattern have undermined the OPEC centrality as the main source of oil for
the West. It may be argued that OPEC country should dramatically increase their oil
output, which suggests the West has little reason to fear another oil price shock like
those of 1973 or 1979-80. At the same time, the OPEC position as the main source of
global reserves remains unchallenged, suggesting that Gulf security may still be a
matter of concern to the West (Newnham, 2010, Klare, 2004)..
The validity of old perceptions regarding Western dependence on OPEC oil are
questionable, as is the notion that the West must protect OPEC oil. Some
commentators argued that the US budget huge sums ($30-60 billion annually) for the
military action within the Gulf oil producing area, while oil exports from the Gulf to
the United States were less than this amount (only approximately $30 billion). Even if
the opinions expressed by these commentators are over-stated, they are worthy of
closer examination by policy makers
.
7. References
Igo Matutinovic (2009), Oil and the political economy of energy, Journal of Energy Policy.
D’Anieri, Paul (1999). Economic interdependence in Ukrainian–Russian relations. Albany,
NY: Suny Press.
Ronald R Cooke (2004), Oil, Jihad and Destiny, 1st
Ed., NielsenBookScan
Randall Newnham (2010), Oil, carrots, and sticks: Russia’s energy resources as a foreign
policy tool, Journal of Eurasia Studies.
Michael Klare, (2004), Blood and Oil: The Dangers and Consequences of America’s Growing
Dependency on Imported Petroleum. Henry Holt and Company, New York.
International EnergyAgency(IEA),2007.WorldEnergyOutlook2007:ChinaandIndia Insights
(ExecutiveSummary). /www.iea.org.
trade.ec.europa.eu
stat.wto.org/CountryProfile/WSDBCountryPFView
www.bloomberg.com/news/2012-12-28/iraq-star-rises-in-opec-as-embargo-hurts-iran.html
iranprimer.usip.org/resource/oil-and-gas-industry
http://ec.europa.eu/trade/analysis/
http://www.susris.com/2013/03
www.oilprice.com/Alternative-Energy
http://www.eia.gov/countries/cab.cfm
http://www.climateandenergy.org/Explore/DangersOfOilDependence/Index.htm
http://ec.europa.eu/trade/creating-opportunities/bilateral-relations/regions/west-africa/