Low oil prices are undermining Iran's economy, a political liability for President Mahmoud Ahmadinejad as he seeks reelection in June. Djavad Salehi-Isfahani, a former Iranian central bank economist, assesses the link between politics and economy in Iran.
Economist James Hamilton explores similarities and differences between the run-up of oil prices in 2007-08 and earlier oil price shocks, looking at what caused the price increase and what effects it had on the economy.
Venezuela is trying to develop new markets for its oil at a time of increasing friction with its main customer, the United States. But a significant short-term shift in oil relations between Venezuela and the United States is unlikely.
An official at the U.S. Government Accountability Office says Iraq will retain a healthy budget surplus in spite of falling oil prices. He also notes that auditors' access to Iraq's finances could be curtailed sharply after the end of this year.
Many countries are reducing or ending fuel subsidies in the face of high fuel costs and the spreading financial crisis. Though the cuts may prove unpopular, some experts say they could help ease global oil demand.
This report argues that unless there is a collapse in oil demand within the next five to ten years, there will be a serious oil 'supply crunch' - not because of below-ground resource constraints but because of inadequate investment by international oil companies (IOCs) and national oil companies (NOCs).
In contrast to conventional wisdom, OPEC's actions tend to lag behind fundamental changes in oil supply and demand rather than lead them. In this Newsweek Web Exclusive, David Victor argues that blaming high oil prices on OPEC won't have much impact. Real solutions should be focused on demand.
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