A spike in oil prices as a result of escalating Middle East tensions would not immediately affect Australia – but precautionary measures should be taken.
The Israel-Hamas war has had little effect on the price of oil so far because neither Israel nor the Gaza Strip produces much oil. If oil exporters got involved, things might change.
Smuggling in Uganda’s West Nile region is seen as an act of defiance – a way to make ends meet in the face of perceived state neglect.
Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria protest over crude oil theft.
Olukayode Jaiyeola/NurPhoto via Getty Images
Insecurity of assets and life with declining capacity for technical and market production are responsible for Nigeria’s low crude oil production.
A variety of factors have caused the U.S. inflation rate to increase over the past few years, from the pandemic to the war in Ukraine.
Javier Ghersi/Moment via Getty Images
Rising inflation rates due to supply-side factors – COVID-19, Ukraine and supply chain shortages – make countering inflation difficult for the central bank.
Several sites, such as this one near Freeport, Texas, store the hundreds of million of barrels in the United States’ Strategic Petroleum Reserve.
Department of Energy via AP
Price shocks are a feature of the global oil market, not a bug – and even when governments take many steps to grow supply or reduce demand, it can be years before prices ease.
Stagflation is scary.
dundanim/iStock via Getty Images
Biden ordered the release of 50 million barrels of crude oil to tamp down rising gas prices, the largest drawdown in the reserve’s history.
Protestors burnt trucks on the main road between the city port Durban in KwaZulu-Natal and South Africa’s industrial heartland.
Photo by Darren Stewart/Gallo Images via Getty Images
The glaring failure by authorities to secure an area notorious for attacks on trucks prompts questions about, at best, utter ineptitude, or at worst, complicity.
Oil prices are going through what some have termed Black April, but the bigger question is what happens longer term to US oil.
Canadian oil wells will likely continue to be shut down amid weak prices despite an agreement among major oil producers to limit output.
THE CANADIAN PRESS/Jeff McIntosh
It is in Canada’s national interest to remain a significant player in the oil and gas production.
COVID-19 is resulting in dramatically decreased demand for gasoline and jet fuel, but it’s just the latest in a string of bad news for oil producers.
(Shutterstock)
COVID-19 is a huge challenge for the whole world, and Canadian oil producers, already suffering from long-term market trends, will be particularly badly hit.
Suffering from sanctions, Russia is trying produce more and gain market share.
Yegor Aleyev via Getty Images
Has the world entered an era of ultra-low prices? An energy scholar argues that a long period of low oil prices will set the U.S. – and globe – back on the economy and the environment.