Insight and inspiration in turbulent times.
As crude oil prices soar to their highest levels ever, costs of related products and services such as petrochemical products and international airfare are being yanked up along with them, threatening economic growth.
The US presidential candidates don’t have workable plans and things will only get worse.
After last year’s spectacular performance, India’s economic growth is being jeopardized by the double impact of rising global oil prices and a faltering monsoon.
Oil profits in Africa have been used almost exclusively for the enrichment of the countries’ leaders, and as a consequence most of the population remains poor and unprotected.
Saudi Arabia’s Sheikh Ahmed Zaki Yamani — the face of the OPEC oil cartel during the 1970s oil price shocks — says this time it is big-money speculators to blame for surging prices and confidently predicts the scare will not last.
Fears that the world economy could be derailed by higher energy costs intensified on Wednesday night after the price of oil set fresh records on both sides of the Atlantic.
State-owned oil company Pertamina has assured Indonesians that the local fuel supply will remain safe despite the soaring price of oil on global markets.
The World Bank this week agreed to continue making investments in oil, gas and mining, setting aside an independent review’s recommendations that it phase out lending for such projects.
The United States is attempting to convince Japan to ditch Iran as an oil supplier in favor of Libya. Though such an arrangement would greatly assist U.S. strategic aims in the Middle East, it would make sense to Japan only if Iran were plunged into war.
Morgan Stanley on Wednesday cut its weighting on the European oil sector to “neutral”, saying sky-high prices could fall by $15-$20 a barrel in a short time.
The Iraq Oil Ministry is undertaking the most comprehensive evaluation ever of the giant oil fields that are the country’s biggest natural resource, an important first step toward understanding the potential output of the fields and estimating the amount of investment needed.
Record oil prices above $40 a barrel are barely curbing surging demand growth in major consuming nations, despite concern over the economic fallout of higher energy costs.
