Magazine
Latest Issue

Oil: we have entered a new world and there is no way back

The real story is not the US but the global price. If it stays this low, world geopolitics could be rewritten

By Michael Grubb  

Lev Fedoseyev/Tass/PA Images

Oil—aka Black Gold, the lifeblood of the global economy, or simply The Prize—is in deep trouble. Like something from Alice in Wonderland, the last few weeks have seen supposedly impossible events. The US president intervened with Russia and Saudi Arabia to try and force prices up. Despite the biggest production cutbacks in history, the price of the US benchmark oil went negative earlier this week. That bizarre spectacle reflected the peculiarities of US contracts and storage infrastructure. The…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect