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  • OPEC+ and the Global Oil Market

    OPEC+ policies have had significant implications for oil importing developing countries as well as oil producing states.

    February 13, 2023

    US–Saudi Tensions: Implications for the Petrodollar System

    The petrodollar system that came into existence in the 1970s has come under stress, with oil being traded increasingly in non-US denominated currencies.

    January 18, 2023

    Venu Srivastava asked: What is the US interest in the Middle East even though it possesses more oil (shale gas) reserves?

    Adil Rasheed replies: Although the US has recently become the largest oil and natural gas producing country in the world, the OPEC states still produce about 40 per cent of the world’s crude oil with Middle East (or West Asian) states producing about a third of the global output. The global oil market is seamless and any disruption in supplies by one supplier impacts global oil prices simultaneously. As the adage goes, “We all sip from the same cup”.

    COVID-19 and OPEC+ Deal

    The prevailing environment has underlined the importance of a balanced market to the oil producers. India has been consistently reiterating the need for oil to be priced responsibly to ensure the stability of the oil market.

    April 24, 2020

    Saudi Drone Attacks: A Preliminary Military Evaluation

    The September 14 strikes targeting Saudi oil refineries demonstrated an exceptional level of mission accomplishment that is possible with drones today. In the coming times, drones are likely to get an increasing share in augmenting the decisive role of air power.

    November 01, 2019

    The Abqaiq Attack – Fallout on Oil Market

    While there is no immediate shortage of oil as the market is balanced for the time being, there are growing concerns about potential conflict in the region leading to supply disruption and resultant price spike, affecting the already nervous market sentiment.

    October 07, 2019

    The West Asian Crisis and Oil Price Expectations

    As concerns over a potential conflict in the region grow, the pressing issue of what a conflict would mean for the price of international crude oil needs to be addressed urgently.

    July 04, 2019

    Strategic Petroleum Reserves: Stocking Oil for Rainy Days

    A strategic petroleum reserve offers India the leverage to be a serious player in the international oil market, as it will have the option to release supplies when prices spike and recharge the reserve when prices are low.

    November 02, 2018

    Caspian Sea Agreement and the International Energy Market

    The value of the Caspian energy reserve lies in its potential to add to global reserves of oil and gas, which, in turn, could bring down costs.

    September 12, 2018

    Whither Oil Prices? India’s Choices

    President Trump’s decision to withdraw from the Iran nuclear deal has sent oil prices soaring again. Even prior to the May 8, 2018 announcement, after falling to below $30 a barrel in early 2016, oil prices were on the boil again, belying the projections of market analysts, including those of the respected International Energy Agency (IEA), that the era of $100 plus per barrel of oil was over. The projections were based on the assumption that nations would move increasingly away from oil—and coal—to meet their carbon mitigation commitments under the Paris Agreement.

    July 2018

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