PE Outlook 2019: A year of turbulence
The mood music at year-end 2018 was increasingly gloomy, as economic and political factors spook oil and gas markets
Oil prices rose - then sank. President Trump was true to his word and pulled the US out of the Iran nuclear agreement. Major oil producers Brazil and Mexico elected new presidents, both of a populist persuasion (though cut from rather different political cloths). Saudi Arabia found itself caught up in a diplomatic embarrassment, following the murder of the prominent Saudi journalist Jamal Khashoggi. The Democrats retook Congress in the US mid-term elections, and the US broke records, pumping more than 11mn barrels a day of crude. Britain continued to torture itself over Brexit, and Trump kickstarted a trade war with China. Meanwhile, Venezuela's oil production collapsed as the troubled Latin
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
