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Pambazuka - Why does Malawi continue oil exploration as global prices fall?

19.2.16

Pambazuka - Why does Malawi continue oil exploration as global prices fall?: Oil has not been as profitable as it was in the past due to changes in the global political economy. The profits that oil producing countries were once yielding have drastically decreased worldwide. Already, the world has witnessed oil producing countries such as the US lay off nearly 10,000 workers and British Petroleum let go of 4,000 employees. Angola and Nigeria, Africa’s largest oil producers, have also seen their oil profits decrease steadily. Additionally, the recent lifting of sanctions in Iran, who once had been unable to sell oil on the international market, will further impact this sector.

Iran has been cash strapped due to the international embargo placed on its trade years ago and has a plethora of oil to unleash on the global market [3]. It holds the fourth-largest oil reserves in the world and roughly 20 to 40 million barrels in storage. Therefore, the lifting of international sanctions means the likely influx of Iranian oil on the world market will cause oil prices to drastically drop and will lead to greater competition for market share and further uncertainty in this market. Other than Iran, there are a plethora of other factors - including viable alternatives and improvements in fuel technologies - that are leading current oil producing countries to diversify and financial lending institutions to predict an end of the era of oil.


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Dispatch: Aboriginal Press Media Group  |   Permalink  |   [19.2.16]  |   0 comments

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