With the Strait of Hormuz still effectively closed, prices will likely stay high in the near term. But a weaker cartel could mean more competition in the future.
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The UAE and Saudi Arabia have long been at odds over oil policy. The latest move is also likely to further their broader regional rivalry.
An initial squeeze on demand for Russian oil due to western sanctions was temporary but the country’s oil industry might have bigger problems.
Europe’s options of alternative sources of oil are limited,
Price shocks are a feature of the global oil market, not a bug – and even when governments take many steps to grow supply or reduce demand, it can be years before prices ease.
Canada must move away from using fossil fuels, but a transition that comes too fast could harm the economy. Policy-makers must strike a balance between energy security and economic growth.
The oil-exporting organization may have mustered the political will to cut production, but its disunity remains intact.
Top contributors
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Energy Economist, University of Surrey
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Senior Lecturer, Royal Docks School of Business & Law, University of East London
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Lecturer in International Studies, University of Washington
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Postdoctoral Fellow, Center for Presidential History, Southern Methodist University
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Associate Professor of Economics, University of Regina
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Fellow for the Middle East at the Baker Institute, Rice University
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Assistant Professor of Econometrics & Statistics, Melbourne Business School