Oil

Article

Instead of Cutting Waste, Nigeria Racks Up Debt to Replace Oil Revenues

Author: Matthew T. Page
World Politics Review

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.

See more in Nigeria; Oil; Budget, Debt, and Deficits

Article

Nigeria’s Reform of Its State Oil Company Will Be Cosmetic Without Cutting Corrupt Ties

Author: Matthew T. Page
Quartz

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. 

See more in Nigeria; Oil

Testimony

Energy Prices and Crisis Risks

Author: Robert Kahn

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.

See more in Americas; Global; Oil; Financial Crises

Article

Falling Oil Prices, the Saudis, and the Soviets

Author: Stephen Sestanovich
Wall Street Journal

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.

See more in Saudi Arabia; Oil; Russian Federation

Foreign Affairs Article

Beyond Break-Even Prices

Author: Michael A. Levi

When oil prices plunged in 2014, many analysts predicted that major exporters would have to drastically cut supply or else risk fiscal and geopolitical instability. Michael Levi explains why these predictions have been proven wrong.

See more in Global; Oil; Financial Markets

Other Report

Fiscal Breakeven Oil Prices: Uses, Abuses, and Opportunities for Improvement

Authors: Blake Clayton and Michael A. Levi

Fiscal "breakeven" oil prices have become popular among analysts and decision-makers as indicators of oil-producing countries' economic and political stability, but there are limits to the insights that breakeven prices provide. Blake Clayton and Michael A. Levi assess the potential value and most important pitfalls involved in using fiscal breakeven oil prices.

 

See more in Global; Oil; Economics

Audio

Saudi Arabia: A Look Ahead

Speakers: Helima Croft, F. Gregory Gause III, and Sarah Leah Whitson
Presider: Ethan Bronner

Experts discuss Saudi Arabia’s leadership transition and what it means for policymaking, oil prices, and human rights.

See more in Saudi Arabia; Human Rights; Oil

Event

Saudi Arabia: A Look Ahead

Speaker: F. Gregory Gause III
Speaker: Helima Croft
Speaker: Sarah Leah Whitson
Presider: Ethan Bronner

Experts discuss Saudi Arabia’s leadership transition and what it means for policymaking, oil prices, and human rights.

See more in Saudi Arabia; Human Rights; Oil

Video

Saudi Arabia: A Look Ahead

Speakers: Helima Croft, F. Gregory Gause III, and Sarah Leah Whitson
Presider: Ethan Bronner

Experts discuss Saudi Arabia’s leadership transition and what it means for policymaking, oil prices, and human rights.

See more in Saudi Arabia; Human Rights; Oil

Article

Weekend Reader: 'Market Madness: A Century of Oil Panics, Crises, and Crashes'

Author: Blake Clayton
The National Memo

In Market Madness: A Century of Oil Panics, Crises, and Crashes, stock analyst Blake C. Clayton tempers the craze surrounding oil exhaustion through a combination of historical investigation and sober, persuasive analysis. His book is a lucid, credible riposte to apocalyptic ravings about “peak oil.” Clayton examines how such panics have persisted through the decades, all unfounded, yet devastating to the market. Market Madness enjoins consumers, policymakers, and brokers to abstain from hysteria and remain informed about what the future of energy truly holds.

See more in Global; Oil

Op-Ed

Why the Oil Price Drop Matters

Author: Michael A. Levi
World Economic Forum

After three years of unusual stability around $100 a barrel, oil prices fell steeply in the second half of 2014, dropping from $115 a barrel in June to around $60 by December. With oil critical to national economies, international security and climate change, what does the apparent new world of oil mean?

See more in Global; Oil