Last week, Nigeria’s Senate passed President Muhammadu Buhari’s proposed 2016 budget, which projected a deficit of $15 billion due to falling oil prices. In an email interview, Matthew Page, an international affairs fellow at the Council on Foreign Relations, discussed the impact of falling oil prices on Nigeria’s economy and politics.
or decades, Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC) has been the leading symbol of official corruption and a seemingly boundless source of political patronage. Faced with plummeting global oil prices and dwindling state coffers, president Muhammadu Buhari cannot afford to allow the NNPC, under a veneer of reform, to operate much as it did before.
U.S. President Barack Obama and Canadian Prime Minister Justin Trudeau released this statement on March 10, 2016. The leaders agreed to move forward on the Paris Agreement and support other international efforts to combat the effects of climate change. The joint statement also details U.S.-Canada cooperation on curbing emissions, integrating renewable energy into existing grids, and developing additional clean technologies.
Robert Kahn testified before the Senate Committee on Foreign Relations, describing the crisis risks generated by persistently low oil and gas prices. He argued that the risks are especially acute for energy exporters such as Venezuela and Nigeria, and that such countries need sizable policy adjustments in the immediate future.
With oil prices collapsing, Saudi Arabia is facing similar problems that the Soviet Union faced decades ago. Saudi policymakers’ economic reform strategies also echo those of Mikhail Gorbachev. However, different from Gorbachev’s Soviet Union, Saud Arabia’s foreign policy is both confrontational and interventionist. Saudi seeks change, but hopes to keep it in bounds, and may want the world to remain a dangerous place.
Author: Varun Sivaram Stanford Steyer-Taylor Center for Energy Policy and Finance
In this report, Varun Sivaram and co-authors argue that three very different segments of the Indian solar industry—utility-scale, distributed, and off-grid solar—will be required to deliver both climate results and domestic co-benefits to India. In addition, the Indian national and state governments, with the support of countries and institutions around the world, can advance the development of three diverse segments of the solar industry—utility-scale, distributed, and off-grid solar— by pursuing four building blocks of a successful solar strategy: (1) Reform the utility sector; (2) Harmonize federal and state policies; (3) Secure substantial and cost-effective financing; and (4) Foster the diffusion of technology and standards from abroad.
Authors: Michael A. Levi and Edward Morse Barron's
As climate plays a growing role in energy markets, serious energy analysis can no longer choose to focus only on traditional energy economics and geopolitics, write Michael Levi and Ed Morse. Policymakers, analysts, companies, and investors that deal in traditional energy will need to become much more sophisticated in their understanding of climate policy.
Global leaders including the United States participated in the Paris Climate Change Conference (also called Conference of the Parties 21, or COP21), which took place November 30 to December 11, 2015. They extended negotiations one day and 195 nations adopted the Paris Agreement (FCCC/CP/2015/L.9/Rev.1). According to the UN's press release, the agreement's "main aim is to keep a global temperature rise this century well below 2 degrees Celsius and to drive efforts to limit the temperature increase even further to 1.5 degrees Celsius above pre-industrial levels."
Learn more about CFR’s mission and its work over the past year in the 2016 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »