In the two decades since rising to the top of the Kremlin, Putin has consolidated power and strengthened Russia’s role on the world stage. Many of these changes, which have come at no small cost, would have been unfathomable at the turn of the century; Putin’s election marked the country’s first democratic change of power. […]
The historic crash in oil prices in the wake of the coronavirus pandemic is reverberating across the Middle East as crude-dependent countries scramble to offset losses from a key source of state revenue — and all this at a time when several of them already face explosive social unrest. Read Here – APNews
By unsheathing the oil weapon, the Saudis have finally tested the patience of oil-patch Republicans, who have long been among their staunchest supporters in Congress. Even though the United States, Saudi Arabia, Russia, and other big oil producers reached a deal this month meant to curtail oil output and undo some of the damage, it […]
During normal times, if the world’s petroleum producers announced an agreement to slash output, oil prices would immediately spike. During normal times, lower crude prices would boost economic growth. During normal times, low oil prices might be reason to celebrate. But if there is one fact we can agree on, it is that these are […]
The global economic consequences of COVID-19 would inevitably slow Russian economic growth. A prolonged collapse in oil prices would almost certainly push the economy into recession. Putin’s promises evaporated. In these circumstances, Putin needs to raise and stabilize oil prices. The question was how to do that without appearing to yield to Saudi or American […]
Despite the obvious public health benefits of suspending the umrah and hajj, Saudi Arabia will pay a heavy cost for its prudence. Pilgrims bring in billions of dollars to the country every year, so the Saudi economy will suffer as long as the crisis lasts. Another loss is less quantifiable, but just as significant: pilgrimage […]
Global oil markets received the price war truce they had long sought, but hopes for a significant and sustained rebound in prices are still likely misplaced. OPEC+, the group of oil producers led by Russia and Saudi Arabia, respectively the world’s second and third largest crude producers and top two exporters, reached a tentative agreement […]
The first hints that extremely low oil prices could plunge many petro-states into crisis came at the beginning of March, when the price of Ecuador’s sovereign bonds fell to record lows. Oil accounts for about a third of Ecuador’s export earnings and a similar portion of its public-sector revenue. Read Here – Foreign Affairs
The timing could not have been worse for Russia to provoke a spat with Saudi Arabia over oil production quotas in early March. Moscow’s decision to withdraw from the OPEC+ agreement restricting oil production in order to maintain higher oil prices triggered a harsh reaction by Riyadh that sent oil prices spiralling down to below […]
President Trump has suggested America still has “a lot of power over the situation” and could yet find a middle ground. The U.S. leader will need all his famed dealmaking ability and more though to pull off what could be a deal of the century with Saudi Arabia, to keep U.S. energy independence and the […]
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