Questions tagged [oil]

Use for questions relating to fuel oil, the fossil fuel and commodity.

Filter by
Sorted by
Tagged with
16 votes
2 answers
6k views

Why can't Hungary import oil from somewhere other than Russia without "ruin[ing] the Hungarian economy"?

Hungary is opposing a EU proposal to cut Russian oil imports by the end of this year. Their government said that doing so would "ruin the Hungarian economy". I see that they import some 60% ...
user avatar
  • 102k
16 votes
3 answers
2k views

Difference between Western sanctions and Russia's choice to stop oil & gas

Just to be clear, I am neither in favour of Russia's war nor arguing against punishing it for the invasion. However, I have noticed a difference in rhetoric around what seems to me to be similar sorts ...
user avatar
4 votes
2 answers
902 views

Can taxes diminish Europe's dependency on Russian oil?

Can (higher) excise taxes, as well as taxes on cars with poor fuel economy, diminish the dependency of Russian oil? What are their advantages and disadvantages? PS: some believe that natural gas is ...
user avatar
  • 1,459
24 votes
1 answer
4k views

Fact-check: Has the US increased imports of Russian oil?

There have been reports that the US has increased imports of Russian oil over the past week: US ramps up oil imports from Russia, pursues own interests at expense of European allies amid Ukraine ...
user avatar
  • 6,162
2 votes
4 answers
383 views

Why did Saudi Arabia refuse to increase oil production to counter Russia when USA asked them to in February 2022?

I am referring to this: https://responsiblestatecraft.org/2022/02/25/us-backed-middle-east-states-cozy-up-to-russia-during-ukraine-invasion/ What does Saudi Arabia have to lose by increasing their ...
user avatar
  • 1,179
4 votes
2 answers
692 views

Which countries have oil stockpiles?

I was looking at data on the Energy Information Administration's website on global production and consumption of crude oil and noticed that in many years consumption exceeds production -- from 1980 to ...
user avatar
  • 235
4 votes
0 answers
88 views

What were the repercussions of Saddam Hussein's Iraq dumping the USD in favour of the EUR?

In 2000, Saddam Hussein switched to selling petroleum in Euros. At that time it was considered an financially unwise decision, but later it was reported to have won Iraq handsome profits. How exactly ...
user avatar
  • 1,036
6 votes
1 answer
266 views

How much coal, oil, and natural gas has the U.S. imported from Russia in recent years?

This morning, President Biden announced an executive order banning imports of fossil fuels from Russia. From the White House fact sheet (emphasis added): Today, President Biden will sign an Executive ...
user avatar
  • 1,726
8 votes
4 answers
700 views

Did the sanctions against Russia take into account that oil price might neutralise their effect?

Western countries imposed some sanctions on the Russian Federation and some Russian individuals since the start of the invasion of Ukraine. But Russia can still sell oil on the international markets ...
user avatar
  • 4,622
3 votes
0 answers
141 views

Can BP still sell its share in Rosneft?

Yesterday, BP announced they would be selling their $14 billion share in Rosnef. The London-headquartered oil firm announced on Sunday that it was offloading its 19.75% voting stake in Rosneft, ...
user avatar
  • 102k
5 votes
2 answers
252 views

What safeguards have allowed Russia to be immune to/undeterred by sanctions enacted thus far?

Or are they simply weighing costs and benefits and the cost of NATO being in Ukraine is worse than the cost of sanctions ? Also read an al jazeera article that high oil prices gives russia confidence ...
user avatar
  • 1,179
1 vote
4 answers
303 views

Is petroleum a valid explanation of why the U.S. military fought the first Iraq war?

Why couldn’t the U.S. have bought petroleum from Iraq after they took control over Kuwait’s oil supply?
user avatar
3 votes
3 answers
366 views

What powers, if any, does POTUS have to ban fracking on private or state owned property?

One of the flashpoints in the current presidential contest, especially in Pennsylvania, is the issue of fracking. I have no doubt that the President and Federal government maintain jurisdiction over ...
user avatar
  • 9,957
10 votes
4 answers
861 views

Why didn't the Gulf countries diversify their economy in the last 70 years so that they can become less dependent on oil?

In the Gulf, oil was discovered in the early 20th century. This is the 21st century and these gulf countries are still far behind diversifying their economy. Why? Why didn't the Gulf countries ...
user avatar
  • 9,379
1 vote
1 answer
153 views

Why might the size of companies make it harder for governments to tax them?

Before the changes of the 1960s and 1970s, the size of the oil firms and their ability to collude made it almost impossible for governments to collect the rents from oil companies that by right should ...
user avatar
4 votes
3 answers
419 views

Why does France support Haftar?

According to Politico, it's because Haftar controls the oilfields among other things. Is it a legitimate fear that Haftar would cut France off oil otherwise? Or is it a strategy for quicker peace?
user avatar
  • 1,337
2 votes
1 answer
161 views

Did US threaten Iran to prevent its tankers delivering oil to Venezuela?

Recently, Iranian tankers delivered oil to Venezuela - which is badly needed, while Venezuela is under US embargo and sanctions. In Iran that was claimed as victory. But were there any direct threats ...
user avatar
4 votes
2 answers
224 views

What steps has Saudi Arabia taken to diversify its economy?

It is now almost four years since then Deputy Crown Prince Mohammed bin Salman announced his "Saudi Vision 2030" plan, a key theme of which was to provide the country with a "thriving economy" by "...
user avatar
  • 80.3k
5 votes
2 answers
471 views

Saudis vs Russia on oil: Saudis wanted lower production, but are now doing the opposite. What's going on? [duplicate]

From what I understand the Saudis wanted to reduce oil production and increase price, and Russia did not. So, to punish Russia, they are increasing production and reducing the price. This strikes me ...
user avatar
38 votes
6 answers
12k views

Why has Russia declined OPEC's request to cut oil production?

On Friday, Russia declined to participate in a plan devised by the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) to cut oil production levels, in order to keep oil prices steady ...
user avatar
  • 80.3k
6 votes
1 answer
145 views

Is Turkey busting the US (oil) sanctions on Iran?

What is known about the extent of Turkey's compliance with US sanctions on Iran? I've read some conflicting reports. One from May said that Turkey completely stopped buying Iranian oil, obeying US ...
user avatar
  • 102k
1 vote
2 answers
156 views

Are (or were) US companies involved in exploiting the Kurdish-controlled oil fields in Syria?

Trump said recently about the oil fields in the Kurdish controlled area of Syria: We’ve secured the oil. If you remember, I didn’t want to go into Iraq. I was a civilian, so I had no power over it. ...
user avatar
  • 102k
5 votes
1 answer
245 views

Why does Guyana let international companies explore resources in territory reclaimed by Venezuela?

From what I know, one of the major issues between Guyana and Venezuela is that the Guyanese government has started negotiations with Exxon-Mobil to drill and produce oil in disputed territory, as you ...
user avatar