UCF Global Perspectives

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Tag Archives: Oil

300 Iraqis killed as Anti-Government Protests Intensify

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Baghdad and Iraq’s southern provinces are engulfed by protests over grievances including rampant state corruption, high unemployment, and a lack of basic services provision (AP). Iraqis question the government as the economy is flushed with oil money but there are no signs of increased job opportunities or better living conditions (AP). Oil accounts for roughly […]

US Reinstates Sanctions Against Iran

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The US has reinstated sanctions against Iran, targeting Iran’s energy, financial and shipping sectors (AP). This move comes directly after the 180-day wind-down period following the US’s withdrawal from the Joint Comprehensive Plan of Action (JCPOA) (Time). US Secretary of State Mike Pompeo claimed the US granted specific oil import waivers to eight countries (NPR). […]

US Sanctions Venezuela

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US President Donald Trump is continuing to pressure the government of Venezuela with new sanctions (Fox). Trump signed an executive order to ban anyone in the US from involving themselves with “corrupt or deceptive” gold sales from Venezuela (REUTERS). National Security Adviser John Bolton stated, “The new sanctions will target networks operating within corrupt Venezuelan economic […]

Peru Oil Spill

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Two rivers in Peru have been polluted by an oil spill in the Amazonian region due to a rupture in a state-owned pipeline (BBC). It is estimated that more than eight indigenous communities rely on these rivers for drinking water (BBC). The rupture has leaked 3,000 barrels into the rivers and has halted the movement […]

Saudi Arabia and Russia Reach Deal to Cap Oil Production

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After several weeks of ongoing discussion regarding oil production in Russia and Saudia Arabia the two countries have reached an agreement with OPEC. On Tuesday leaders from both countries agreed to freeze oil output; however, the deal was contingent on additional countries joining (Reuters). OPEC members Qatar, Venezuela and Kuwait have already stated they are […]

After Relief of Western Sanctions, Iran Re-Enters Global Markets

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After relief of nuclear-related sanctions, Iran will now resume its crude oil exports and will have access to previously frozen assets (Reuters). Iranian crude oil reserves are the fourth largest in the world, with its natural gas reserves as first largest (Chicago Tribune). The International Energy Agency’s reduced estimates for global oil demand due to […]