Why U.S. Oil Companies Are Not Plugging the World’s Energy Gap
American producers are under pressure from investors to keep spending in check, and they are wary of drilling more wells because they are not sure oil prices will stay high.
American producers are under pressure from investors to keep spending in check, and they are wary of drilling more wells because they are not sure oil prices will stay high.
Despite the fragile cease-fire in the Middle East, many Africans say they are bracing for tougher times ahead and making difficult decisions about the future.
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
The United Arab Emirates’ decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.
Even the largest global supplier of liquefied natural gas can’t make up for the shortfall since the war in Iran cut off an important source.
The war has exacerbated Iran’s economic crisis, forcing many to cross the border into Turkey to buy the most basic goods.
The Malaysian company Karex, which produces about five billion condoms a year, said it was raising prices by 30 percent because of higher raw material prices and global shipping disruptions.
The war in Iran has disrupted supplies of diesel, used to power trucks and heavy equipment, much more than gasoline, which is primarily used in passenger cars.
The energy industry is planning for a future where the choke point on Iran’s southern coast is a lot less important.