OPEC+ producers seem to have adopted a wait-and-see attitude, but as maintaining production cuts becomes more difficult for the smaller producers, they may be tempted to cash in while prices are high.
The new variant of the coronavirus, new lockdowns in several parts of the world, and the slower-than-expected rollout of the vaccine cast doubt on the timing of a recovery that would sustain higher production.
The OPEC+ alliance managed to stamp out dissent within its ranks and come to a compromise deal that will keep the market guessing in the months ahead.
Signs of strain within OPEC could reflect negatively on the market by casting doubt on the commitment of OPEC+ countries to adhere to production targets.
AGSIW's sixth annual Petro Diplomacy conference focused on the impact of the coronavirus pandemic on the energy sector and the transition to a low carbon economy.
The coronavirus pandemic has altered perceptions as to the direction of energy demand growth and more weight has been given to the net-zero commitments by major consuming countries and how these will shape the energy system in the decades ahead.
The option to return to the pre-crisis model of rising oil demand is quickly disappearing.
It will take time for the new Iraqi government to formulate its energy policies amid an unprecedented health and economic crisis. But the electricity sector is among the most in need of new investment and rehabilitation.
Although there are many reasons to believe the U.S.-Saudi partnership can endure, the need for both parties to repair trust has rarely been more urgent.
The collapse of the OPEC+ production agreement and the ensuing oil price war place pressure on joint investment initiatives spearheaded by Saudi and Russian sovereign wealth funds.
Learn MoreThrough its careful examination of the forces shaping the evolution of Gulf societies and the new generation of emerging leaders, AGSIW facilitates a richer understanding of the role the countries in this key geostrategic region can be expected to play in the 21st century.
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