President Trump’s decision to withdraw from the Iran nuclear deal has sent oil prices soaring again. Even prior to the May 8, 2018 announcement, after falling to below $30 a barrel in early 2016, oil prices were on the boil again, belying the projections of market analysts, including those of the respected International Energy Agency (IEA), that the era of $100 plus per barrel of oil was over. The projections were based on the assumption that nations would move increasingly away from oil—and coal—to meet their carbon mitigation commitments under the Paris Agreement.
Strategic Petroleum Reserves: Stocking Oil for Rainy Days
A strategic petroleum reserve offers India the leverage to be a serious player in the international oil market, as it will have the option to release supplies when prices spike and recharge the reserve when prices are low.