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Nigeria’s oil policy at a crossroads
Even before the pandemic, the Nigerian economy faced structural issues. Highly dependent on oil exports for revenue, the country could spiral into a deep recession because of the recent collapse in oil prices. High production costs will also hamper recovery even when global demand returns. If constantly pushed for full compliance by OPEC, Nigeria could seek to end its membership in the hope that fewer constraints would boost its hydrocarbon sector.
Ecuador faces dual crisis
Ecuador is facing a potential catastrophe: Covid-19 has hit it harder than any country in the region save Brazil, while its economy tanks as a result of low oil prices. With elections coming next year, the political scene is gridlocked. President Lenin Moreno has little choice but to open up ...
Eastern Mediterranean gas outlook gets murkier
After the 2009 and 2010 gas finds in the Eastern Mediterranean, many expected the region to become an energy hub. A decade later, myriad challenges remain and the coronavirus has made a bad situation worse. The European Union may decide against funding the EastMed pipeline project for economic reasons, although ...
Oil market outlook: A cautious global recovery
The countries in OPEC+ are currently complying with the terms of their deal to restrict output, but this discipline may not last. Meanwhile, oil markets remain at the mercy of the global economic recovery. Demand will need to increase well above the current levels to absorb the inventory buildup accumulated ...
Turkey’s decisive entry into Libya’s civil war
The militias of Tobruk-based warlord Khalifa Haftar failed to take the capital of Libya and are being pushed out from the western part of the country, where there are strategic oil fields. Turkey’s intervention played a decisive role in this military outcome. As other external powers engaged in Libya consider ...
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