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The relationship between the US and Canada, each of which is the other’s principal source of imported energy, has become increasingly fraught in recent months. Canada and the...
External Publications by Erica Downs • November 06, 2017
This article was originaly published in the National Bureau of Asian Research. DOWNLOAD A PREVIEW OF THE REPORT
This essay examines the interplay between the return of China’s national oil companies (NOCs) to international mergers and acquisitions and China’s Belt and Road Initiative (BRI).
China’s NOCs emerged as big buyers of international oil and natural gas assets in the mid-2000s and early 2010s before abruptly curtailing their overseas purchases in 2014–16. This sudden pause in their global acquisitions was largely the result of the collapse in crude oil prices and the targeting of the oil industry by President Xi Jinping’s anticorruption campaign. Now that crude prices have stabilized and Xi’s crackdown on corruption has moved beyond the oil industry, the NOCs are slowly returning to international mergers and acquisitions. However, this new phase of buying is likely to be characterized by fewer concerns about resource scarcity, more disciplined decision-making, and more partnerships with foreign firms. China’s NOCs will look for opportunities to capitalize on BRI to demonstrate that they are supportive of Xi’s signature foreign policy initiative. However, most, if not all, of their acquisitions are probably ones they would have made in the absence of this initiative.
Calls to "Drill, baby drill" are back with Donald Trump's return to the White House, and for US natural gas production, the catchphrase might also be a necessity over the next three years if demand for the fuel grows as steeply as expected.
China’s demand for oil, long an important driver of global oil demand growth, slowed dramatically during January–September 2024.
The US Federal Reserve (Fed) commenced its monetary easing cycle on Wednesday with an aggressive 50 basis points policy rate cut.
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External Publications by Erica Downs • November 06, 2017