• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 19 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Four Countries that Could Send Oil Prices Up

The week of February 17 has been a violent one, with protests, intense political unrest, and many casualties in several countries around the world. Protestors in Ukraine are stealing the headlines, with a Molotov-cocktail fueled ring of fire. These events are significant, but for the energy world, it is the sudden wave of instability in oil producing countries that are on investors’ minds – unrest that threatens to send oil prices skyward.

With shale oil surging in the United States, sometimes we in the West forget how much we depend on some politically wobbly countries to meet global demand. Oil markets are extremely tight, so it only takes one or two of them to get oil markets into a tizzy. As of this writing, there are four important oil producers that are literally at the brink of disaster. These four countries could seriously rattle oil markets:

Venezuela. The South American country has the largest oil reserves in the world – yes, that’s right, more than Saudi Arabia – but it has punched way below its weight in terms of being a global energy player. Mismanagement, underinvestment, and outright corruption have plagued Petróleos de Venezuela (PDVSA), the state-owned oil company. It was long used as a piggy bank for social programs by the late Hugo Chavez. With revenues pillaged by the government, PDVSA has failed to raise oil production over the last twenty years, despite the rapid rise in oil demand and prices. In 1994,…




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