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European energy crisis: the perfect storm that many did not see coming to a city near us!

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    At the height of the 2008 financial crisis that came about out of the blue, Queen Elizabeth ||, the British Monarch, was reported to having asked some experts in the field, “Why no one saw this coming?” at an event in the aftermath of the disaster. Of course, Her Majesty’s audience could not give a simple answer to an equally simple question. Nor the latter themselves knew what really went wrong, when the world had been led to believe the polar opposite – unstoppable global prosperity. What we witness today in the European energy markets is no different: nobody knew this was coming about six months ago. Some may, in retrospect, point to their own past analyses to cash in on the dearth of severe, expert predictability in the energy markets at present. It’s true in the last few weeks there were speculations about an impending gas crisis in Europe. Since they were, more often than not,   linked to the so-called ‘Russian manipulations’, they could not convince many sane people
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Border Conflict between Ukraine and Russia: the energy crisis can only get worse!

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Crude oil prices have reached 7-year high with Brent approaching $90 a barrel, if the current momentum of the upward trend remains this way. As of 10:00 GMT, the price of WTI and Brent stood at $86.52 and $87.73 respectively. The rising energy prices and the inevitable inflation that stems from the former have already left the Western political leaders in a costly political lurch. The IEA, International Energy Agency, which discouraged the future investment in fossil fuels on a grand scale last year, now implies that the oil producers need to take some responsibility for the current energy crisis; for instance, according to the IEA, the OPEC+ added just 60% of what it planned to do – last month. The producers, while not denying that is the case, blame the failure on the lack of investment, among a few more grievances. The rising energy prices have cast an ominous global shadow, hampering the progress of many economies in the world that try to come out of the economic shock su
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Plummeting oil price leaves the OPEC+ in a slippery lurch

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  The price of crude oil fell precipitously on Friday when analysts were gauging the combined impact of the joint release of petroleum reserves and the discovery of new Covid-19 variant in Southern Africa. As of 18:00 GMT on Friday, the prices of WTI and Brent were $68.15 and $72.72 respectively. When the news broke out on Tuesday about the joint release of the petroleum reserves by the major global consumers last week, despite the speculation being in the public domain for days, the crude oil markets defied the obvious: the price of crude oil did not fall dramatically. The critics of the Biden administration and those who harboured the bullish sentiments lost no time in branding the move, at best politically disastrous and at worst an economic boomerang with a potential to harm many layers of the US administration. They were emboldened, perhaps, by the mysterious silence from the OPEC+ members in the aftermath of the joint release of the SPRs – the proverbial calm before the s
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