
Internal disputes among the world’s oil producers next year could leave the global market oversupplied and prices relatively low.
Internal disputes among the world’s oil producers next year could leave the global market oversupplied and prices relatively low.
The proposed tax for wealthy Omani citizens underscores the growing pressure on GCC states to reduce their heavy reliance on oil and gas revenue.
As the pandemic continues to sap demand, upticks in OPEC+ supply will undermine efforts to rapidly balance the global market and drain excess inventories.
By Greg Priddy
In this Essential Geopolitics podcast from Stratfor, a RANE company, Emily Donahue speaks with Stratfor's Director, Global Energy and Middle East, Greg Priddy about the Saudi currency peg.
Given the faster-than-expected recovery in oil prices, OPEC and its allies will reportedly consider a Saudi-Russian compromise to only briefly delay the tapering of current cuts.
The current peg of Saudi riyals to the U.S. dollar is not in immediate jeopardy, but a new normal of lower oil prices will likely force the kingdom to devalue its currency in the next five years.
By Greg Priddy
By slashing demand for foreign labor, the global economic fallout from COVID-19 will deprive Gulf countries of some of the highly skilled workers needed to grow and diversify their oil-dependent economies.
As COVID-19 saps demand, Riyadh is recognizing that it will eventually need to adjust its spending habits to the global oil market, instead of the other way around.
By Greg Priddy
The sharp loss of oil and gas revenue will disrupt Gulf states' diversification plans, even as it proves the very need to broaden their energy-based economies.
Why did West Texas Intermediate, the main U.S. crude oil benchmark, go to negative prices Monday afternoon and where do producers go from here?