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
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector
