12 December 2018
The rise and fall of oil prices in 2018
Prices rose, Trump hollered, supply signals were mixed, Iran was hit by sanctions and then prices fell back
2018 proved to be another year of mixed fortunes for the oil and gas industry, with prices firming up to levels that were more common pre-2014, before dipping down in November as fears of global oversupply, amid retrenchment in global economic growth, began to kick in. Nonetheless, for most of the year, the narrative was one of steadily rising prices—sufficient for the ever-voluble US President Donald Trump to make repeated calls for price restraint from Opec. With prices rising in June, Trump tweeted on 13 June that "oil prices are too high, Opec is at it again. Not good!" Whether good or not, Trump's moves may have had some short-term impacts. On 23 June, an Opec ministers' meeting in Vien
Also in this section
29 July 2025
The EU’s Russia sanctions could have far-reaching implications for India’s Vadinar-based refinery
29 July 2025
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
29 July 2025
EU industry and politicians are pushing back against the bloc’s green agenda. Meanwhile, Brussels’ transatlantic trade deal with Washington could consolidate US energy dominance.
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
