We offer below the first part of the in-depth article El gas de esquisto y la neoestrategia de EE. In order to achieve this, two hurdles must be overcome. First, is the emergence of jihadist terrorism which respects no borders and, second, continuing US dependence on Arab oil. Nonetheless, the decline of Al Qaeda and the withdrawal of the ISAF from Afghanistan, together with the Arab Spring, have brought about a change of setting for jihadist terrorism, now more towards the Maghreb-Sahel strip. Since Europe is the closest western region, the US could be spared some of the problems in this regard, although this would require a redefinition of some aspects of NATO.
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US oil prices turned negative for the first time on record on Monday after oil producers ran out of space to store the oversupply of crude left by the coronavirus crisis, triggering an historic market collapse which left oil traders reeling. The market crash underlined the impact of the coronavirus outbreak on oil demand as the global economy slumps.
The rapid market decline of recent weeks had reached fever pitch on Monday as traders reached their last day to trade oil for delivery in May before the contracts expire.
The deadline triggered a collapse in prices as desperate oil traders with more crude than storage space were forced to take action. The price of oil from the US shale heartlands has been declining steadily in recent weeks following the biggest slump in oil demand for 25 years steps due to restrictions on travel to curb the spread of Covid The fall accelerated amid rising fears that the global economy may be facing its deepest downturn since the Great Depression.
Oil producers have continued to pump near-record levels of crude into the global market even as analysts warned that the impact of the coronavirus outbreak would drive oil demand to its lowest levels since The emergence of negative oil prices is expected to prompt some oil companies to hasten the shutdown of their rigs and oil wells to avoid plunging deeper into debt or bankruptcy. The last time floating storage reached levels close to this was in the depths of the financial crisis in , when traders stored more than m barrels at sea before offloading stocks when the economy began to recover.
Historically weak oil markets are likely to bring lower prices for drivers at service station forecourts, but the price collapse will also hurt pension savings which are often invested in major oil companies through funds which track equity markets.
The oil price crisis has already wiped billions from the market value of the largest oil companies, many of which will not be able to pay dividends if the market rout drags on. Brett Fleishman, from climate campaign group at Oil prices began to rise again on Tuesday as oil traders turn their attention to trading oil for delivery in June. The recovery is expected to pick up over the second half of the year as tight restrictions on travel to help curb the spread of the virus are lifted, raising demand for fuels and oil.
At the same time supply is expected to dwindle due to the historic deal to limit oil production and the financial collapse of weaker oil companies. However, most analysts believe that oil prices will fail to reach the same price levels recorded at the beginning of the year before the outbreak. Play Video. Topics Oil. Coronavirus outbreak Canada news. Reuse this content. Most popular.
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Oil prices dip below zero as producers forced to pay to dispose of excess
Account Options Prijava. Top liste. Novi naslovi. Daniel Yergin. In The Quest, Yergin shows us how energy is an engine of global political and economic change and conflict, in a story that spans the energies on which our civilization has been built and the new energies that are competing to replace them.