Oil

Backgrounder

Venezuela's Oil-Based Economy

Authors: Cesar J. Alvarez and Stephanie Hanson

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.

See more in Venezuela; Oil

Interview

Transparency and Surpluses in Iraq's Oil-Dependent Budget

Joseph A. Christoff interviewed by Greg Bruno

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.

See more in Iraq; Oil

Must Read

NYT: OPEC Says It Will Cut Oil Output

Authors: Nelson Schwartz and Jad Mouawad

Stung by what it called “a dramatic collapse” in crude prices, the OPEC cartel said on Friday that it would reduce output by a steeper-than-expected 1.5 million barrels a day.

See more in Oil; Global

Analysis Brief

Cutting Back on Fuel Subsidies

Author: Toni Johnson

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.

See more in Global; Food Security; Oil

Must Read

Chatham House: The Coming Oil Supply Crunch

Author: Paul Stevens

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).

See more in Oil; Global

Op-Ed

The Whale Oil Economy

Author: Michael J. Gerson
Washington Post

Writing from within the Arctic Circle, Michael Gerson, describes the harsh realities of an ecosystem being tangibly changed by the climate disruption that stems from global warming.

See more in Climate Change; Arctic; Oil

Analysis Brief

Tapping Iraq’s Oil

Author: Lee Hudson Teslik

Iraq says it wants to sell oil contracts to foreign energy firms. The potential impact on energy markets could be large, but practical and political obstacles still prevent rapid production increases.

See more in Iraq; Oil