Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared.
The upcoming change in British Columbia’s government could stall the Canadian oil industry’s plans to compete globally by exporting crude to Asia—the world’s fastest growing refining market of which Middle Eastern producers, Russia, and now the U.S. are vying for market share.
In spite of a blockade on shipments of anthracite coal from occupied Donbas to Ukrainian thermal power plants (TPPs) since this past winter, the country has thus far avoided blackouts.
Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement.
China and India are rolling out plans to dramatically accelerate the adoption of electric vehicles (EVs), initiatives that have prompted the IEA to take notice and promise a review its long-term oil demand forecast.
