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For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam. The OPEC deal is slated to take oil off the market, while US drilling is expected to add new supply.
Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “ increasingly worrying ”, due to a loss of $1 trillion ($1,000 billion) in investments last year. When looking at the Saudi situation, the need for new investments and increased technology development is clear.
Similarly, having a distribution line (often illegally rigged) running to a dwelling tells us nothing about the usage of power or the reliability of its supply. Even South Africa, by far the best-supplied country south of the Sahara, suffers from frequent blackouts. What does 50 kWh/year deliver?
It is often better to fly in lifesaving supplies instead of loading trucks with supplies to bring them along roads that might not be passable anymore,” Fregene says. As part of the job, in Oghara, Nigeria, then a small fishing village along the Niger River, he collected fares and directed passengers on and off the bus.
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