Publications: Notes at the Margin

The Doha Meeting: So What? (April 18, 2016)


Last week saw several important developments in the global economy related to the oil industry. Most who follow oil closely will be focused on the results of the Doha meeting completed yesterday. The event ended just as we were completing this issue. Briefly, regarding the conference we conclude that not much has changed.


Also of note were the following occurrences. On Tuesday, the International Monetary Fund issued its annual world economic outlook, which made for dismal reading. This was followed by the release of OPEC's monthly outlook, the US Energy Information Administration's short-term outlook, and the International Energy Agency's monthly review.


A more significant development was Schlumberger announcing it would be leaving Venezuela. It seems the firm has not been paid. Its departure is a further demonstration of the nation's destitution. Later, we learned, PDVSA offered its partner oil companies "take it or leave it" contracts.


Finally, on Saturday The New York Times printed a front-page article by Mark Mazzetti titled "Saudis tell U.S. to Back Off a Bill on 9/11 Lawsuits." The piece explains that Saudi Arabia would immediately remove its investments in the United States—including a large holding of treasury bills—if legislation allowing 9/11-related lawsuits against the Saudi government passed. Our report this week examines all of these issues.


To request subscription information for Notes at the Margin, please Contact Us or send us an Information Request.