U.S. and African oil exporters may benefit if the West were to sanction Russia’s oil and gas sector, as international tensions continue to build over Ukraine. The EU would hurt as much as Russia, however, and the expected spike in international oil prices would plunge the world back into recession.
If the United States does not lift a decades-old crude export ban, oil producers could slowly cut back on output, the chief operating officer of Continental Resources Inc said on Tuesday.
Saudi Arabia will continue to play a leading role in maintaining the global stability in the short and medium term, Asiya Investments, an Asia-focused investment company said. In the long term, Saudi Arabia’s importance will be as equally , it noted.
West Texas Intermediate crude was little changed after rising the most in a week as the U.S. raised its debt ceiling, ending concern of a default by the world’s biggest oil consumer, Bloomberg reported on October 17.
China has said the United States, Australia and Japan should not use their alliance as an excuse to intervene in territorial disputes in the East China Sea and South China Sea, and urged them to refrain from inflaming regional tensions, Reuters said on October 6.
President Barack Obama called off plans to visit Asia and attend two summits because of the U.S. government shutdown, raising questions about the strategic "pivot" to the region that he announced just two years ago, Reuters said on October 3.
According to an August report from the U.S. Energy Information Administration (EIA), China's net oil imports will exceed those of the United States by October 2013 on a monthly basis and by 2014 on an annual basis, making China the largest importer of oil in the world.
Net imports of natural gas into the United States fell 22% during the first five months in 2013 from the same period in 2012, the EIA has reported.
According to the Global Energy Watch, analysis indicates that the global shale gas market will reach a value of $33.2bn in 2013.
Iran’s ambition to exploit the world’s biggest natural gas reserves, stymied for years by U.S. sanctions, faces an even sterner test as rising global output and the North American shale boom threaten to erode prices, Bloomberg reports.