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May 1, 2020

Iraq
Between a Rock and a Hard Place: Iraq’s Pledge to Cut Oil Production

Iraq faces an uphill battle in meeting its obligations to the historic production cut agreement reached by the Organization of Petroleum Exporting Countries (OPEC) and other major producers such as R…

A worker wears a protective mask, following an outbreak of coronavirus, at Nahr Bin Umar oil field, north of Basra, Iraq March 15, 2020.

May 27, 2020

Russia
Russia's Complex Oil Reality

This is a guest post by Hunter Kornfeind, intern for Energy and Climate Policy at the Council on Foreign Relations and current student at Temple University. Russia is coping with a new reality fro…

Workers stand next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia.

May 14, 2020

Coronavirus
The Elements Unfold: A Possible Bottom to Oil Prices

The process of going into lockdown due to the coronavirus pandemic has been revealing, especially in regards to oil. There are many elements to the smooth operation of global oil logistics that are n…

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020.

May 13, 2020

Nigeria
Amid Oil Price Collapse, Nigeria Is Running out of Foreign Exchange

The fall in international oil prices amid coronavirus is having a devastating impact on Nigeria’s formal economy. Oil, the property of the Nigerian government, provides more than 60 percent of government revenue and 90 percent of foreign exchange.

A money changer counts Nigerian currency notes for a customer in Nigeria's commercial capital, Lagos, Nigeria, on March 16, 2020.

April 22, 2020

Oil and Petroleum Products
As Oil Collapses, so Does a Vital Source of African Revenue

Accompanying the misery of the coronavirus pandemic—and exacerbated by it—has been an ongoing crisis in the oil industry. While the scale and tragedy of the coronavirus is front and center in our minds, the collapse of oil is more abstract, and its long term consequences will be serious. Especially in Africa, the collapse of oil is likely to devastate government revenue at exactly the same time the continent faces the astronomical costs of responding to the coronavirus and looming famine.

Kaombo Norte floating oil platform is seen from a helicopter off the coast of Angola, November 8, 2018

April 20, 2020

Financial Markets
OPEC Plus’ Zero-Sum Oil Game

Prior to the U.S. invasion of Iraq in 2003, international sanctions had severely curtailed Iraq’s oil industry. Oil production sat at 1.4 million barrels a day (b/d). Iraq’s beleaguered refining indu…

The Suezmax sized oil tanker Karvounis lies at anchor south of Port Fourchon, Louisiana, U.S.

April 6, 2020

Oil and Petroleum Products
Oil Ground Zero: Running Out of Storage

In recent days, the Donald J. Trump administration appears to have been sending mixed messages about oil. Typically, low oil prices can be a stimulus to the U.S. economy, but that is in situations wh…

 A local mural takes on new meaning while a United Parcel Service (UPS) delivery truck pauses at a traffic light, as the spread of coronavirus disease (COVID-19) continues in Washington, U.S., March 27, 2020.

April 29, 2020

Coronavirus
What Is the Defense Production Act?

President Trump has turned to the Defense Production Act to deal with a shortage of critical medical supplies created by the coronavirus pandemic. What does the law do?

March 6, 2020

Sub-Saharan Africa
Africa Confronts Falling Oil Prices Amid Coronavirus

The new coronavirus has led to a slowdown in economic activity in China and East Asia more broadly. The global price of oil has now fallen to $53 a barrel. This is beginning to affect the oil-exporting countries of Africa. According to Africa Confidential, three-quarters of Nigeria’s and Angola’s oil production ear-marked for export in April is unsold. Similar deficits are reported from Chad, Republic of Congo, and Gabon.

A man arranges Agip drums at an oil station and depot in Nigeria's capital Abuja, on June 19, 2009.

March 19, 2020

Oil and Petroleum Products
Oil Price War: Is U.S. Shale The First To Blink?

As the oil price war continues, markets are hanging on every word coming from Washington, Moscow and Riyadh, amid signs that diplomacy could be afoot. A statement by the Kremlin’s presidential spokes…

Sarah Mandel (R) of Chadds Ford, Pennsylvania, and representing the organization Food and Water Watch, holds a banner as she takes part in a small anti-fracking protest in front of the White House in Washington November 3, 2015. Thanks to the fracking boom that has helped boost U.S. oil production 80 percent since 2008 and slashed the country's crude imports, the U.S. Strategic Petroleum Reserve is brimming. The world's largest supply of government-owned emergency oil holds 695 million barrels, the equivale