Amid internal discord and budget pressures, OPEC+ has reportedly agreed to incremental production increases and monthly monitoring.
A series of apparent attacks on oil infrastructure in the Arabian Peninsula thrusted geopolitical risk to the forefront of market concerns. Against a backdrop of an already tightening supply-demand balance, the possibility of a serious supply outage poses a major risk to market stability.
Major oil producing countries, and wealthy individuals in certain petrostates, have injected billions of dollars into soccer clubs, mostly in European leagues, and their reach is spreading in an attempt to promote their “soft power.”
If the GCC crisis lasts for months or even years, the appeal of more extreme measures could grow over time.
Similar to other Gulf producers, UAE and Qatar are making efforts toward the twin goals of reducing expensive fuel subsidy programs and diversifying exports through larger natural gas volumes.
The UAE recently announced that it rolled out draft standards for fuel economy in order to reduce emissions. This action follows the emirate's Gulf neighbor Saudi Arabia, which implemented similar measures earlier this year.
The Oil Minister of the United Arab Emirates, Suhail Al Mazroui, told reporters upon his arrival in Vienna that he is "optimistic" and that they have been seeing the market correcting upwards.
Oil revenues and terror funding have a long history. The Fuse speaks with Thomas Sanderson, Director of the Transnational Threats Project at CSIS, on how oil revenues make their way to terrorist groups, and which countries are responsible.
Even as the Obama Doctrine has sought to distance the United States from the Middle East, the gravitational pull of the region's energy resources will keep us mired there for the foreseeable future.
OPEC's demise has been greatly exaggerated: Venezuelan Oil Minister Eulogio Del Pino’s recent world tour of major oil capitals and the associated price bumps is proof enough that OPEC can move markets just by talking about moving markets.