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Carolyn Kissane, academic director and clinical professor at the Center for Global Affairs at New York University, leads the conversation on the geopolitics of oil.

And you have some—you have some Russian oil traders that are making a lot of money—(laughs)—selling discounted oil, and then reselling it. After each activity, participants completed a WM task (n-back) at low- and high-load during safe and threat. S. market, the domestic market, and the role of the SPR, given potential insurance workarounds from Russia’s side such as ensuring Russian tankers through their RDIF fund? Now, I think with the Paris Agreement, what’s also important is—to note is, you know, if you’re—if you’re in the oil and gas space—and I was just at a conference earlier this morning where this was a point of conversation—was, you know, what are the companies doing to reduce the emissions from production?This question also got an upvote: How do you foresee Venezuela’s role in the global oil market changing moving forward? Se ritieni che il bene acquistato sia errato, difettoso o danneggiato, ti preghiamo di contattarci per trovare insieme una soluzione al problema. Q: So, I’m here at King Fahd University in Saudi Arabia, right next to Aramco, here with my class from international relations.

So, the Biden administration sort of came out after this decision was made in sort of being disappointed, surprised that OPEC would make this decision. Both Hezbollah and Tehran have praised the October 7 attacks and celebrated the achievements of Hamas. And we’re also, of course, seeing the—with the reopening of China, lots of really interesting questions as to what oil demand will be in China for the 2023-2024 years, whether or not they will—they will, sort of, put extra pressure on global demand.And again, what we saw last week coming out of OPEC, this decision, this is also being driven by state budget concerns. You know, if you go back maybe five or six years ago, there was lots of questions about if China could kind of replicate what happened in the United States around the shale oil revolution. I think that’s—you know, again, I do think the sanctions were sort of carefully put into place, so that there wouldn’t be massive disruptions, so we—again, you know, Russia produces over 10 million barrels a day, and about 7 million of those barrels are exported. I’m going to take the next question from Jovana Vujanic, who is a graduate student at Lewis University: How big of an—of an impact will the decision of the Saudi energy minister to cut oil production have on the relationship between the United States and Saudi Arabia? And there, you had, like, really a lot of contention between France and Germany, because France wanted to make sure that nuclear was part of the green taxonomy.

So you know, is it—you know, the equity of some of these decisions that are being made, I think, is one that’s—is one that’s really important. And also, on top of that, is the ongoing energy transition, coupled with, you know, climate change, and the need to decarbonize. Forty-five years after the United States and China formalized relations, Minister Liu Jianchao discusses the two countries’ current relationship and the implications of the recent meeting between their respective leaders, Joe Biden and Xi Jinping, for global stability and cooperation. So in certain parts of the world—China being one, Saudi Arabia—you know, you have a lot of new nuclear build. Nasrallah’s speech was remarkably similar to the public pronouncements of Iranian officials, indicating that it could have been crafted in coordination with Iran.But again, you know, I think, to your question, I think we will see some—you know, we are seeing some impacts, right? So, just to kind of put that into perspective, these are OPEC countries and their respective reserves. million barrels a day—again, happening at a time, not when we have an excess supply, but when we’re seeing a tight supply across the oil market. And then non-OPEC—the United States being a non-OPEC country, but again, this sort of—this chart to the right shows, you know, again, the world is consuming a little over 100 million barrels a day, expected to increase over 2023 and into 2024, question marks as to when we may see peak oil demand. Now, we could—you know, we could sort of challenge, well, what does that—you know, what does that really mean?

That said, I think all in, you are seeing that, you know, countries across Europe are saying, OK, you know, how can we enhance our energy security? And I think, you know, many analysts would agree that—the IEA, for example—you know, you had the, you know—how does Europe continue—you know, to enhance and achieve energy security without the dependence on Russia gas? But this past year, they pivoted and they’ve said, no, we’re actually going to build out more nuclear, and we’re sort of—we’re totally scrapping that idea of reducing nuclear energy.

You know, ideally, it’s—you know, we’re kind of working together to—because we’re all sort of going in the same direction—to, you know, support the transition, and to reduce—to reduce carbon emissions, and to bring in more, sort of, cleaner energy technologies into our system. Venezuela has the largest reserves, but it is far from being at capacity, in terms of what it can—what it can produce.