Reflections from 2025 NY Climate Week
It was great to see so many of you in my hometown last week for New York Climate Week–whether at various events and nightcaps or while giving you a ride through the traffic-clogged streets on my e-bike.
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Gone are the days when oil gurus agreed “$100 is the new $20”, or intoned that “the age of easy oil is over.” But it is not just prices that entered a prolonged decline, so too did OPEC’s image as market-shaping institution. Since then OPEC has seemed in terminal decline. But, argues Antoine Halff in the Financial Times, it is too early to announce OPEC’s death.
US tariffs on India for purchasing Russian oil may stem more from frustrations in US-India trade negotiations than from a concern about funding Russia’s war in Ukraine.
China’s dependence on the energy supplies that move through the Strait of Hormuz makes it especially vulnerable to any possible closure of the waterway by Iran in retaliation for attacks by Israel and the United States.
The conflict between Iran, Israel, and now the United States has yet to disrupt energy supplies to global markets.