Independently of the outcome of the Paris Climate Change summit, big oil and coal have started an irreversible decline, facing the competition from renewable energies and an increasing political pressure to de-carbonize our societies. This changes completely the game and eliminates the incentive to reduce supply to get higher prices. In stead, the rush is now to exploit the oil and gas before it is too late. Who comes too late, loses. So OPEC has lost its power for good, and there is no chance it will get it back again.

Monday, 09 November 2015 23:43

THE US-CUBA THAW – WHAT THAW?

The reestablishment of diplomatic relations between Cuba and the US is historic. From not talking together for more than 50 years, they now talk. From the press coverage you could get the impression that the relations between the two neighbouring countries are now almost normal. Alas, they are a very far cry from that. The embargo against Cuba has not been lifted and the financial embargo against the country has actually been tightened. European banks, which have broken none of their own countries' laws, have lately accepted breathtaking fines in the US – the last one of 8,900 million dollars for French bank BNP. Their crime: they have carried out financial transactions with Cuba, not from the US but from their home country. That is a criminal offence in the US.