In a market that is traditionally dominated by the Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE— Russia has recently entered the fray, and Iran, as well as Iraq are keen to make up for lost time from sanctions and supply disruptions, respectively.
Commentary
Saudi Arabia and the Gulf countries should consider supporting environmental non-governmental organizations in the US.
“You can’t run a business based on sympathies,” the controversial billionaire oil broker, Marc Rich once said. The business of oil is no different; it lubricates the region. And as the price of oil has taken a hit from a high last year of $115 a barrel to $50 a barrel, many are casting about for reasons as to why.
THE ANCIENT Chinese philosopher Mencius once said, “A state without an enemy or external peril is absolutely doomed.” Today, the Gulf Cooperation Council (GCC) is not faced with one enemy but a growing number of enemies.
There has been widespread debate regarding the environmental risks of hydraulic fracturing, especially concerns about ground water contamination. The shale oil and gas industry is built on the technology of hydraulic fracturing, and it has made vast amounts of oil and gas shale resources extractable at reasonable costs.
With the US Presidential elections set to take place in a year’s time and with the growing disillusionment with the Obama administration and troubles in the region; to the GCC, understanding who may win is of vital importance.
The surge in shale oil supply has changed previous perceptions of oil market dynamics. The US shale oil industry succeeded in doubling US oil output in a few years, specifically after the 2008 financial crisis and up to 2014.
The Greek debt crisis has been a staple of world news since 2009; everywhere you look is another headline shedding light on the crisis or announcing another twist in the seemingly never ending saga.
As he basked in the glory of an unexpectedly strong victory in the 2015 UK General Election, Prime Minister David Cameron could reflect upon an especially rare occurrence: the incumbent party strengthening its Parliamentary position after a first term.
For many observers, the elections were more of a referendum on whether President Recep Tayyip Erdogan can introduce constitutional changes to place the country on a different course.