Publications: Notes at the Margin

Consequences of Economic Slowdown; Silencing Energy Security Issues with Low Prices (November 6, 2023)

 

This report addresses two issues: first, the global economic slowdown, which is affecting economic activities that account for much of world oil consumption and depressing diesel prices. The diesel decrease reduces crude oil’s value and how much refiners will offer for it, ruining any dreams of $100 per barrel. Second, the wise decision by Middle East oil-exporting countries, in response to the Hamas/Israeli conflict and the upcoming UN Climate Change Conference (COP28), to discourage any effort to boost crude prices. The exporting nations want to avoid bringing the consuming countries’ attention back to energy security because in 2023, unlike in 1973, this would quickly destroy demand for crude oil and liquefied natural gas (LNG).

 

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