• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 49 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days If hydrogen is the answer, you're asking the wrong question
  • 2 mins How Far Have We Really Gotten With Alternative Energy
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Premium Content

Geopolitical Uncertainty Shakes Oil Markets

Saudi Arabia

Politics, Geopolitics & Conflict

- Following the arrest of five Algerian billionaires and members of the political elite close to former president Bouteflika, investor fears are becoming a reality. The one piece of assurance is that the military has long been one of the beneficiary of Sonatrach revenues and measures will be taken to ensure that the oil giant is protected. After firing the CEO of the state-run oil giant Sonatrach and replacing him with the company’s head of production and exploration, the Algerian government is doing its best to assure investors that it’s business as usual and that deals are safe - along with production and development. While there is still no word on whether Chevron will go through with its planned talks with Sonatrach over Algeria’s shale patch (after Exxon bowed out), Sonatrach announced late this week that its new CEO, Rachid Hachichi, signed an MOU with Italy Eni’s CEO on the renewal of a gas supply contract through a Mediterranean pipeline. That move was meant as a message to other investors and potential investors that deals will move forward under the new leadership. In the meantime, keep a close eye on the emerging elite clan warfare in Algeria. Algeria has two influential clans - one representing the presidency and one representing the military - and the billionaires that have fallen were from the presidential clan.

- There have been no significant changes on the Libyan front to impact oil flow…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News