Over-reliance on sanctions and economic warfare measures have led to strategic complacency and the avoidance of negotiations on the part of the western governments.
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.
Every time Alberta’s energy-based economy goes into a tailspin, it’s because the price of oil has declined precipitously, and when it booms, it’s because the price has soared.
Proposals to cut Australia’s fuel excise will prolong an already alarming dependence on oil-based imports and undermine policies to shift the nation away from fossil fuels.
Nigeria’s post COVID-19 economic recovery plan has resulted in only marginal improvements in economic growth, manufacturing and foreign direct investment.
Newfoundland and Labrador’s offshore oil and gas industry is the province’s largest contributor to the economy and will be critically important to its future.
Alberta oil is the collateral damage of the oil war between Russia and Saudi Arabia, with COVID-19 launching an additional attack. The province’s oil industry will struggle to recover.
Donald Boesch, University of Maryland Center for Environmental Science
The BP Deepwater Horizon blowout on April 20, 2010 triggered the largest offshore oil spill in history. Ten years later, post-spill reforms are being undone and the Gulf of Mexico remains vulnerable.
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.
Tensions between Iran and the US have spiked, but oil prices have barely budged. Why not? And is the oil markets’ muted response an accurate reflection of the rising tensions?
Vladimir Putin may well have something on Donald Trump. But their close ties could also be about oil prices and Trump’s efforts to get Russia to ends it alliance with China.
Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney
Senior Lecturer in International Relations, Discipline of Politics & International Relations, Macquarie School of Social Sciences, Macquarie University