Azerbaijan has long been seen as a strategic gateway to vast oil and gas resources in the Caspian region and a source of energy security for Europe but has yet to live up to its promise as a bulwark against the influence of Russia and OPEC in the region.
Posts tagged ‘OPEC’
 
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July 5, 2018 09:20 UTC 
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Oil above $75 a barrel is good for Middle East economies but a challenge for the region’s energy reformers and consumers. Slumping prices had triggered a wave of new policies over the last four years to slash subsidies on petrol and electricity, while boosting investment into renewables. Maintaining the momentum behind energy market liberalization is essential for future prosperity. |
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June 19, 2018 15:00 UTC
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Imports of Iraqi crude into the US Gulf Coast increased so far in 2018 while there have been fewer cargoes from Venezuela, Saudi Arabia, Mexico and Kuwait, according to the most recent data released by US Customs Bureau data. From January to mid-June, US Gulf Coast refiners have imported more than 90 million barrels of Iraq’s light and heavy Basrah crudes, a 14% rise from 79 million recorded in the same period of time in 2017. However, USGC refiners bought only 60 million barrels of oil produced by Saudi Arabia in the same period, which is half of the 124 million barrels imported in the same period in 2017. |
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June 11, 2018 04:01 UTC
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Global oil demand growth was a much heralded sidekick to supply cuts that rebalanced the market in record time. Now the Saudi Arabia-Russia pronged pact is considering reversing course on its output cut deal, while demand growth shows little sign of letting up. That risks leaving a hole in the market that the OPEC alliance will struggle to plug. |
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May 25, 2018 12:00 UTC
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OPEC and the world’s most powerful central banks are on a collision course. Higher crude prices could push the custodians of the global financial system into tightening monetary policy quicker than expected to protect their economies from unchecked inflation. But, a kneejerk reaction could sow the seeds of economic slowdown, oil demand destruction and another price crash. Take the problem facing Mark Carney, governor of the Bank of England. Lower-than-expected inflation figures released this week give the impression fears over the impact of higher energy costs in the world’s sixth-largest economy have been overblown. Since 2016, when oil prices dipped below $30/b, gasoline prices have jumped by almost 30% to an average around 127 pence/liter at the pumps. |
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April 30, 2018 04:01 UTC
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OPEC would benefit from more transparency about oil prices. The group has geared its efforts to rebalancing the market, but its ultimate goal is surely to maximize revenues for its members. Putting a number on this target would be helpful. After all, with many ministers claiming there is still a distance to go when the alliance has pretty much realized its stated aim, the focus on fundamentals is starting to look like a fig leaf. |
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March 23, 2018 17:25 UTC
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Slight in physical stature, but colossal in the world of oil diplomacy, Alirio Parra was laid to rest Friday in London, hailed by influential figures in the industry for his role in founding OPEC in 1960, building up Venezuela’s PDVSA and smoothing the often turbulent currents of geopolitics. “Very big loss to the industry and ourselves,” OPEC Secretary General Mohammed Barkindo, who attended the funeral, told S&P Global Platts. “We lost a reliable and dependable friend.” |
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March 9, 2018 16:30 UTC
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OPEC ministers came to Houston this week for a “thank you” that never arrived. Since OPEC and non-OPEC producers reached their historic supply cut agreement in December 2016, global oil prices have stabilized above $60/b and supply and demand are nearing the ever-elusive balance, ministers said during the CERAWeek by IHS Markit conference. |
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March 9, 2018 13:00 UTC
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Crown Prince Mohammed’s visit gives UK Prime Minister Theresa May a final opportunity to have London Stock Exchange chosen as venue for huge sale. London is running out of time to win a share of the greatest prize in oil. Saudi Arabia must decide soon where to list its crown jewel state oil company Aramco, if it’s to meet the schedule for an initial public offering (IPO) in 2018. The London Stock Exchange (LSE) is a front-runner to play host to the world’s largest single producer of crude but faces stiff competition from New York and Hong Kong. |
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February 19, 2018 06:45 UTC
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Khalid Al-Falih may be right when he claims the oil industry has nothing to fear from electric vehicles (EVs). Saudi Arabia’s oil minister unsurprisingly is a robust defender of the internal combustion engine (ICE). Contrary to the views of Tesla Inc.’s headline grabbing founder Elon Musk, the kingdom’s top energy official expects the conventional gasoline powered road vehicle to remain the bedrock of passenger road transport for generations to come. |