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What Killed The Oil Price Rally?

A bearish report from the…

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Global Energy Advisory - 17th March 2017

Bakken

Politics, Geopolitics & Conflict

• Mustafa Ali, a prominent environmental justice adviser with the Environmental Protection Agency (EPA) has handed in his resignation in response to a White House plan to slash the EPA’s budget by 25% and close the Office of Environmental Justice, where Ali was assistant associate administrator. The budget cut is part of the sweeping changes the Trump administration is making in the EPA and will result in a 20% reduction in the agency’s workforce and the loss of funding for several dozen programs, among them the one for environmental justice. Ali said that in light of these changes he could not stay on and sign off on a decision that would hurt the communities that the OEJ was set up to protect.

• Libya is now officially an acronymic nightmare of bloody proportions that will hinder it from ever ramping up oil production in the foreseeable future, or for any prolonged length of time. Libya’s National Oil Corporation (NOC) could split into two again as the process for unifying it in the common interest has recently started to break down. Earlier this week, the Tobruk-based House of Representatives (HoR) – the country’s elected legislative body – said it was in favor of splitting the NOC. The statement from the HoR, which is still at odds with the UN-backed Government of National Accord (GNA), comes after two weeks of fighting at two oil terminals in the Oil Crescent between the HoR-affiliated…

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