This blog is part four of a series that explores the intricate history of oil. 1973-1994: The Middle East Shrugs its Shackles It is important to understand that the oil industry is largely a Western invention and is very much American led. When America began making overtures to King Ibn Saud of Saudi Arabia in […]
This blog is part three of a series that explores the intricate history of oil. 1921-1973 – War, Depression, and the Long Boom Prior to the unraveling of the European and American Pax imposed on the Middle East, the Texas cowboys would have their day. It is not unfair to say that the oil industry matured […]
Middle Eastern markets are growing faster than most markets in the western world, partly as the result of many large infrastructure projects creating a subsequent need for imported commodities. Commodity market participants in the Middle East , like their Western counterparts, trade on both physical and financial exchanges in order to improve market liquidity. Despite […]
In the last 20 years, demand for oil and natural gas in Turkey has increased exponentially, and the country has developed into a significant consumer within the energy markets; however, the demand conditions coupled with insufficient natural resources have spiked Turkey’s energy import bill to alarming levels. The International Energy Agency (IEA) anticipates Turkey’s energy […]
NYMEX crude financial contracts (WTI) settled at 99.6 USD/bbl on Tuesday this week, which is a high not attained in over a year. A number of factors could be at play to drive this price higher. One driver could be the political unrest in Egypt which came to a head just yesterday (on July 3rd) […]
For a lot of people, the Middle East is known for being one of the world’s largest suppliers of oil. However often we don’t realize that it is also one of the world’s biggest consumers of oil. It’s a well-known fact that energy consumption in most regions worldwide is growing. However according to the Energy […]