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Travel and business slowdowns across the world, in response to the novel coronavirus (COVID-19) pandemic, have caused a sharp decrease in global oil demand and the lowest oil prices in 17 years. On March 5, members of the Organization of the Petroleum Exporting Countries attempted to reach a deal that would extend the current 1.5 million barrels per day (MB/D) production cut in an effort to shore up prices. The talks failed, however, when Russian and Saudi energy ministers were unable to reach an agreement. Russian officials subsequently announced significant increases in their production levels, with Saudi ministers following suit… [more]View Insight
United States Senator, State of Alaska
Chairman, Senate Energy and Natural Resources Committee
Some of America’s oldest allies are heavily reliant on unappealing sources of oil and our nation’s resource abundance places us in a position to render vital assistance. The International Energy Agency estimates that in 2012 the United Kingdom depended on Russia for 12 percent of its crude oil imports, a relatively modest proportion when compared to the Netherlands (31 percent) and Poland (96 percent). All told, Russian oil accounts for approximately one-third of European Union imports. Meanwhile, Italy receives some 21 percent of its imported crude from Libya, and other key partners — India, Japan, and South Korea — bank… [more]View Insight
Research Triangle Energy Consortium
George Soros was recently quoted as suggesting that the US use the Strategic Petroleum Reserve (SPR) as a deterrent to Russian aggression in Ukraine. I thought we could examine the validity of that premise. The SPR, an emergency supply of oil maintained by the United States, is currently near capacity at about 700 million barrels. In our new world driven by shale oil, a supply disruption would require tapping SPR help for a much shorter period than was envisioned when the SPR’s capacity was designed. Oil represents more than half of all Russian budget revenues and 30% of Russia’s GDP.… [more]View Insight