Price movements as large and rapid as those that have upended oil markets since June 2014 are sure to cause pain to some and benefit others. Though the pain tends to capture the most attention, the benefit is just as important – if not more so. The 70% dr
The future of European gas resources may run through the South Caucasus. 2016 is likely to be a pivotal year in determining the extent of the region’s importance in gas transit, as well as the role of Central Asian states, and potentially even Iran, in su
The better-known "Radetzky March" is a musical march, Op. 228, composed by Jonah Strauss Sr. and played commonly at New Year's concerts. Less famous, perhaps, is the book written by Joseph Roth that goes by the same name. Roth's "The Radetzky March" is a
If you drive out to visit Disney's Epcot center in Orlando, Florida, you will arrive at one of the biggest parking lots in America. With room for 12,000 cars, it sprawls out over 7 million square feet—about the size of 122 football fields. If you look at
Just a week before Moldova would have had to hold early elections, the country's Parliament approved a new government led by former IT and Communications Minister Pavel Filip. The vote allows the Moldovan Parliament to remain intact under a pro-European c
According to the Energy Information Administration’s Monthly Energy Review database, world field production of crude oil in September was up 1.5 million barrels a day over the previous year. More than all of that came from a 440,000 b/d increase in the U.
When Chinese officials announced in 2013 that they would open an Asian Infrastructure Investment Bank to primarily fund big construction projects across the Pacific, they launched a slow-motion freak-out in Washington. As they went around the world inviti
Today, the United Nations Security Council has more sanctions regimes in place than at any time in its history. During the 1990s, the maximum was eight; in the 2000s, the peak rose to 12; now it stands at 16. And these totals do not include sanctions impo
The oil price dropped to a new 11 year low at the beginning of the year. Oil price movements are the result of three factors: changes in oil supply; changes in the importance of oil in the economy and changes in the global economic climate.
The Sultanate of Oman has always been the Gulf Cooperation Council (GCC) member on best terms with Iran. Muscat’s alliance with Tehran must be understood within the context of Oman’s independent approach to foreign affairs under Sultan Qaboos’ leadership.
It has been a ill-omened start of the year for Azerbaijan's foreign policy. For the last several years, Baku was attempting to embrace its position as a so-called "keystone state" in one of the world's most strategic pieces of real estate.
This post is the third of three based on my Mundell-Fleming lecture, which discussed the international effects of Fed policy. In the two previous posts (see here and here), I addressed a pair of criticisms of recent U.S. monetary policy: (1) that the U.S.
A lot happened on New Year's Eve in Cologne, much of it contradictory, much of it real, much of it imagined. Some was happenstance, some was exaggerated and much of it was horrifying. In its entirety, the events of Cologne on New Year's Eve and in the day
The discussion around whether or not the Islamic State (ISIS or ISIL) is Islamic began as soon as the group entered onto the world stage. It throws up a number of queries for policy makers in the United States, Europe, and the Arab world, and the policy p
World headlines blare the news that negotiators in Paris have reached a global climate change agreement. Yet underneath the soaring rhetoric were hard politics that can tell a lot about the longevity of the deal.
One of the biggest economic surprises of 2015 is that the stunning drop in global oil prices did not deliver a bigger boost to global growth. Despite the collapse in prices, from over $115 per barrel in June 2014 to $45 at the end of November 2015, most m
The deadly West African Ebola epidemic has largely faded from headlines, replaced by mounting concern over conflict in the Middle East, terrorism, and refugees streaming into Europe. But while Guinea and Sierra Leone were declared free of the disease in N
The Paris climate summit (also known as COP 21) has adopted a new “Paris Agreement”. The agreement has the potential to mark a laudable and historic shift in how the world negotiates cooperation on climate change. It does not justify the over-the-top clai
There was widespread relief among mainstream voters in France this evening, after Marine Le Pen’s far-right National Front (FN) failed to score a single victory at elections to the country’s 13 regions. Her party shook France a week ago by topping voting
Global carbon dioxide emissions from burning coal, oil and gas as well as from industrial activities grew by just 0.6% in 2014, according to researchers from the Global Carbon Project of the organisation Future Earth.The researchers say emissions have gro
Record-strength hurricanes, submerged coastal cities, scorched dust bowls – these are the sort of apocalyptic images that are often used to illustrate the devastating consequences of climate change. But for millions of farmers in Latin America and the Car
The two-week United Nations conference on climate change is halfway over, and no matter what else happens, it has already been a clear-cut success in two critical areas.
Ever since it started at the end of September, Russia’s military engagement in Syria has given rise to many questions, contradictory interpretations, different hopes and fears. While some have seen it as anti-Western policy, others have hoped that it will
As economic recovery finally begins to take hold in Europe, the imperative for policymakers is to ensure that growth can be sustained far into the future. Fiscal and monetary stimulus may have been appropriate at the peak of the crisis, but they will do l