The long ‘bridge’ of carbon capture and storage technology
Reducing carbon emissions to reach environmental goals will require many different approaches, not just a transition to renewable energy sources. One important technology is carbon capture and storage, or CCS. Its potential for reducing CO2 emissions is significant, but high costs and uncertainties are slowing its development.
Oil prices in 2019
Where are oil prices headed? In the long run, the slowly rising global demand for energy will not be enough to offset the declining costs of extraction. In the short term, much depends on how U.S. producers, whose shareholders are dissatisfied with the return on their fracking investments so far. They, the Russians and the Saudis would all like to see prices go higher. Can they reach a fragile deal to restrain production?
2019 Global Outlook: Market forces move developments in energy
2019 begins with the U.S. a dominant producer of oil and gas, while OPEC has allied with countries like Russia to try to put a floor under prices. Green energy sources continue to rise in popularity, but still have only a small impact on global consumption. And while developed nations phase out coal, developing countries will likely remain dependent on the fuel for the foreseeable future. How will all of these factors affect the global energy market going forward?
Angola’s new leader reaches out to the West for help
Angola has recently become one of the most stable countries in sub-Saharan Africa. It now hopes to rebuild its agriculture, education and navy, as well as jump-start investment in the oil sector and broaden its foreign relations base to include Western powers – all before deteriorating living conditions turn the population against the government of Gen. Joao Lourenco.
VIDEO: Venezuela: How not to run an oil sector | GIS: Global Trends Video Reports
Venezuela stands out among oil producing countries for its contradictions. Though it sits on the world’s largest proven oil reserves, it is not even among the top 10 producers. It has more than a century of experience with the oil industry, yet in recent years it has become a textbook example of the oil curse. It was a key player in the establishment of OPEC, but today it has little influence within the organization. Once an industry leader, it now holds many lessons for other governments on how not to run their oil sectors. In a nutshell, Venezuela has become a sad story of how bad policies and shortsighted governments can squander the family silver.
Venezuela: How not to run an oil sector
Venezuela sits on the world’s largest oil reserves but it is not even one of the top 10 global oil producers – and output is falling sharply. Socialist, resource-nationalist policies implemented by former President Hugo Chavez – and continued by President Nicolas Maduro today – are behind the country’s poor performance. With an utter economic dependence on oil, the country has become destitute. Only a drastic change in policy can reverse Venezuela’s course.
OPEC’s next phase
OPEC has regained influence on the back of its cooperation with Russia. Some analysts suggest this partnership could be made more formal, for example by admitting Russia into the group, while others say doing so would make the organization even more unwieldy. Now, as OPEC continues to try to achieve “fair” and stable prices, it faces a new challenge: legislation in the U.S. could allow American officials to sue the organization for price fixing.