“Everything up in the air”: LNG, the Strait of Hormuz, and Central & Eastern Europe’s energy future
"LNG shipments to Central & Eastern Europe are reliable as long as those gas markets are not overly dependent upon one supplier."
As Brent crude approaches $100 a barrel, clean energy advocates say the Hormuz crisis is the latest proof that fossil fuel dependence leaves consumers at the mercy of distant wars.
Ten days into his war with Iran, it is becoming clear that Donald Trump’s hopes of remaking the country according to the template that worked in Venezuela are very misplaced.
China’s demand for oil, long an important driver of global oil demand growth, slowed dramatically during January–September 2024.
On 1 October, Iran launched approximately 200 ballistic missiles at Israel. Iran said that it was responding to recent Israeli attacks against Hezbollah and its leadership, as well as the killing of Ismail Haniyeh, the political leader of Hamas, in Tehran in July.
CGEP recently hosted a private roundtable conducted on a not-for-attribution basis that focused on key geopolitical issues and oil markets in various hotspots, including the Middle East, Russia/Ukraine, China, and the Americas.
While Iran's first direct attack using missiles and drones against Israel on April 13 did not incur significant damage to military sites or, more importantly, civilian casualties, it has changed the dynamic between the two states and increased the chance of a regional if not wider war.
After a wobbly first half of 2023, when crude oil prices were affected by a banking crisis in the US and the prospects of a recession in the OECD, production cuts by key OPEC+ members supported prices.
Earlier this month, OPEC+ leaders Saudi Arabia and Russia announced further voluntary production and export cuts, with the former alone accounting for nearly half of the OPEC+ aggregate.