oil

Global Spectator, by Andrés Ortega The destabilising effect of cheap oil

The low cost of oil may come as an ongoing relief to many economies, such as Spain’s, but it is creating political and social volatility in numerous producer countries, both among Spain’s neighbours and further afield, reliant as they are on the income from oil to maintain their youthful [...]

Global Spectator, by Andrés Ortega Is Russia really a threat?

We are not facing a new Cold War, a point that has been made in these posts before, but we are witnessing a more traditional bout of arm wrestling. There is no ideological confrontation, even if some populists, ranging from Donald Trump to Marine Le Pen, admire Vladimir Putin’s [...]

The discreet (and declining) charm of Venezuelan oil diplomacy

Venezuela has been severely hit by the collapse in oil prices since mid-2014. However, its oil output started to plummet well before. The country’s oil production peaked in 2008 at 3.24 million barrels per day (bpd). The latest OPEC data for May 2016 report a production of 2.37 million [...]

Libya: finding a way out of the labyrinth must be by way of the oil terminals

In recent years the production of oil in Libya has endured a rollercoaster ride reflecting a succession of blockades, attacks, strikes and sabotage carried out on oil and gas installations (some accounts catalogue up to 75 incidents and dozens of fatalities). Output in 2010 was close to 1.6 million [...]

Global Spectator, by Andrés Ortega Is the world economy seizing up? It’s not just because of China

Taking a long term perspective, much has been made of the ‘secular stagnation’ notion made fashionable by Larry Summers in 2014. It may be that we are in the midst of a long cycle or facing a worldwide readjustment or purge, partly owing to the slowdown and change of [...]

Global Spectator, by Andrés Ortega Global risks: are they really not economic?

‘Davos is a factory where conventional wisdom is manufactured’, according to David Rothkopf, Editor of Foreign Policy. But it frequently happens that this ‘conventional wisdom’ is simply wrong. Forming part of it are the forecasts of the World Economic Forum, which, nevertheless, are always of great interest. It is [...]

Global Spectator, by Andrés Ortega Venezuela: struggle for power with a backdrop of economic disaster

Initially, Hugo Chávez won elections, all above board. But then he began to win with all manner of chicanery and by manipulating the State’s institutions, as his regime gradually jettisoned any checks and balances. Nevertheless, he continued to win incontestably. Now, under Nicolás Maduro, whose mandate ends in 2019, [...]

The EU and resource governance: rules and facts

Resource governance is a relatively novel issue in global and European energy governance. By the mid-1990s there was already an overwhelming literature on the ‘resource curse’ showing that the contingent benefits of oil, gas and mining for economic development were not being realised, leading instead to increased inequality and [...]
Real Instituto Elcano - The Elcano Royal Institute | Príncipe de Vergara, 51. 28006 Madrid (España - Spain) | 2012 -2016 | Creative Commons BY-NC-ND 3.0