OPEC’s recent decision to cut supply is a classic move from the oil cartel playbook. But in today’s era, there are many more players and game-changing technologies on the field.
OPEC has been declared dead in recent months as the group of oil-exporters has been unable to agree on a plan to stabilize the market. But was it really ever alive in the first place?
In his first royal decree, Saudi Arabia’s newly crowned King Salman announced two-month bonuses for state employees, pensioners, students, and recipients of social service programs (that is, everyone in…
Steffen Hertog, London School of Economics and Political Science
Oil prices have now almost halved in six months to below $60/barrel thanks to OPEC’s refusal to cut production. This means all the member countries are revising their government spending policies. While…
As at early December, the international price of crude oil is around US$70 a barrel, depending on grade. Over the last six months, oil prices have slumped by 30% and crude oil is now at its lowest level…
With oil prices on the slide, members of the once-dominant Organization of the Petroleum Exporting Countries (OPEC) decided last week not to attempt to rally them by cutting production, leaving the Brent…
The Australian Financial Review recently trumpeted America’s “re-emergence as a world oil power”. It is an accomplishment four decades in the making and its success is still under debate. Energy security…
It might sound unlikely, but Australia’s fuel gauge is worryingly low. We’re one of the world’s top energy exporters, but our stocks of liquid fuels – such as the oil on which almost the whole transport…
OPEC Conference president Mohammad Aliabadi recently joined a chorus of international observers to blame speculation as the source of ongoing volatility in the global oil market. Speaking at an OPEC Conference…