Petrostates Glimpse Their Peak-Oil Future With Summer of Strife - Bloomberg:
From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future.
Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while Venezuela’s oil production has sunk to a 75-year low. In Algeria’s capital, tension is simmering as the hardship of virus lockdowns brings the risk of renewed demonstrations and riots.
OPEC has revived oil from its historic drop but prices near $40 are still far too low for most members as they grapple with weak economies, unstable governments, restless young populations, and the ravages of climate change. As the legacy of the pandemic and the switch to cleaner energy threatens to keep crude prices lower for longer, there are profound consequences for the way oil-rich countries are run.
“The shaky six of OPEC -- Algeria, Iran, Iraq, Libya, Nigeria, Venezuela -- are facing a very precarious political and economic outlook,” said Helima Croft, head of commodity strategy at RBC Capital Markets LLC.
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