By Lisa Steyn The decline in the oil price has plunged Africa’s oil and gas industry into dire straits, a situation exacerbated by factors such as uncertain regulation, corruption and the prospect of political and social instability. It is a particular burden on those economies most reliant on the industry for revenue, and could have … Continue reading
By Mohamed A. El-Erian Oil prices have been heading south again, with a barrel of US crude recently falling below $42 – the lowest level since March 2009, the nadir of the global financial crisis. And, while last year’s sharp price drop was heavily influenced by two large supply shocks, the current decline also has an … Continue reading
By EIA Russia is the world’s largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia’s economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 50% of the federal budget revenues. Russia is … Continue reading
By Pepe Escobar You may have heard of the N-11. Yes, it’s another clever Goldman Sachs concoction, to the benefit of that prized specimen – the “global investor”. These are the next BRICS, the new emerging powers. The N-11 is made up of: Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam. Some … Continue reading
By Martin Ganda South Africa’s City Press reports that Turkish company Karadeniz Energy Group has offered to help to solve South Africa’s power problems by supplying its Powerships. Some African countries, like Ghana, get electricity from Powerships; floating power stations that connect to the grid and are powered by oil or gas. If this demonstrates anything, it is how Africa’s power scarcity … Continue reading
By Marc Stocker The impact of falling oil prices is becoming increasingly visible, but the global economy is yet to hit a nice stride – oil exporters face severe headwinds, oil-importing China continues to slow, other large oil-importing countries have seen mixed developments since the start of 2015, and financial market volatility has increased. Are … Continue reading
By Stratfor Global Intelligence Iran will offer joint venture contracts to attract international energy companies, which will give the country some advantage over Persian Gulf producers. Tehran will need more than five years to achieve its goal of producing 6 million barrels per day. Legal requirements imposed on foreign firms in Iran will still make operating in … Continue reading
By Pepe Escobar, Asia Times This is it. It is indeed historic. And diplomacy eventually wins. In terms of the New Great Game in Eurasia, and the ongoing tectonic shifts reorganizing Eurasia, this is huge: Iran — supported by Russia and China — has finally, successfully, called the long, winding 12-year-long Atlanticist bluff on its “nuclear … Continue reading
By Patrick L. Young A market flooding production strategy many saw as intending to kill the US-centric shale revolution, has, if anything, only made it stronger. In essence the OPEC cartel is signing its own death warrant. As always the communique suggests harmony and continuity but behind the scenes this was apparently a more fraught OPEC … Continue reading
China will build a natural gas pipeline from Iran to Pakistan to help address Pakistan’s severe energy shortage, The Wall Street Journal (WSJ) reported on Thursday. The natural gas pipeline, dubbed the “Peace Pipeline”, will provide much needed natural gas from Iran, home to the world’s second largest reserves, to energy-deprived Pakistan. “We’re building it. The process has … Continue reading