Energy Archive

During his recent visit to Buenos Aires, President Barack Obama enthusiastically embraced Argentina’s new president, Mauricio Macri, who took office last December promising to overhaul the country’s economy, politics and foreign policy, including its endemic anti-Americanism. Obama appeared eager to endorse Macri’s new approach, and while thousands protested the visit, Obama made a statement that expressed surprisingly lofty ambitions for the new administration in Buenos Aires. “Argentina,” Obama declared, “is re-assuming its traditional leadership role in the region and around the world.” The notion of Argentina becoming a regional leader will strike some as awkward. Latin Americans frequently decry what […]

The uneasy mutual dependence between Russia and the European Union’s energy sector is well documented. With some EU member states relying on Russia for up to 90 percent of their energy needs, Brussels has long wanted to remedy the situation by diversifying the sources of oil and gas shipped into EU borders. These efforts intensified after Russia spooked the continent in 2006 and 2009 by cutting off natural gas supplies to Ukraine over a pricing dispute, leading to gas shortages in parts of Europe during the dead of winter. Since then the EU has invested in infrastructure to link so-called […]

Editor’s note: This article is part of an ongoing WPR series on the impact of falling oil and commodities prices on resource-exporting countries. Last week, Nigeria’s Senate passed President Muhammadu Buhari’s proposed 2016 budget, which projected a deficit of $15 billion due to falling oil prices. In an email interview, Matthew Page, an international affairs fellow at the Council on Foreign Relations, discussed the impact of falling oil prices on Nigeria’s economy and politics. WPR: How realistic is President Buhari’s latest proposed budget, and what are the implications of the budget’s $15 billion deficit? Matthew Page: Stubbornly low crude oil […]

Editor’s note: This article is part of an ongoing WPR series on the impact of falling oil and commodities prices on resource-exporting countries. Earlier this month, Colombian President Juan Manuel Santos announced he was cutting the national budget by 3 percent due to falling oil prices. In an email interview, Christian Gómez, an international development professional, discussed the impact of falling commodities prices on Colombia’s economy. WPR: How has the relative significance of oil and commodities exports to Colombia’s economy evolved in the recent past, and what effect have falling commodities prices had on the economy and public spending and […]

Pakistani Prime Minister Nawaz Sharif and Army Chief Gen. Raheel Sharif visited Saudi Arabia last week for the closing ceremonies of a multinational military exercise, following recent tensions in relations. In an email interview, Shehzad H. Qazi, managing director at CBB International and a geopolitical analyst specializing in emerging and frontier markets, discussed Pakistan’s relations with Middle East nations. WPR: Who are Pakistan’s main partners in the Middle East, and what are their main areas of cooperation? Shehzad Qazi: Saudi Arabia, the United Arab Emirates (UAE) and Turkey are three of Pakistan’s main partners in the Middle East. Pakistan and […]

Editor’s note: This article is part of an ongoing WPR series on the impact of falling oil and commodities prices on resource-exporting countries. In late January, Liberian President Ellen Johnson Sirleaf announced that the government would cut budgetary spending by 11 percent, due to a drop in mining revenues caused by the collapse of global commodities prices. In an email interview, Gonne Beekman, a postdoctoral researcher at Wageningen UR, discusses the impact of the commodities bust on Liberia. WPR: How important are commodities for Liberia’s economy, and what effect have falling commodities prices had on public spending and, by consequence, […]

“We’re all in this together,” said Ali al-Naimi, Saudi Arabia’s veteran oil minister, at an oil conference in Houston last week. The oil market “could drown in oversupply,” as the International Energy Agency (IEA) warned in January, and global prices are at their lowest level since 2003, so all petrostates are bleeding. Venezuela is on the brink of bankruptcy; Russia’s economy is expected to shrink for the second year in a row; and Nigeria and Azerbaijan are seeking emergency loans from the World Bank and the International Monetary Fund. The economic hardship experienced by its members makes one wonder why […]