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Energy & Natural Resources
Oil, gas, pipelines, minerals and the states that control them.
- Geopolitics & International Relations14
- Foreign Policy & Strategy10
- Political Economy & Global Economics23
- Conflict, Security & Defence24
- Trade, Finance & Sanctions18
- Energy & Natural Resources17
- Technology & AI3
- Maritime Affairs11
- Climate, Food & Resources5
- Politics & Society2
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Analysis · Russia & Eurasia
The Price Cap Didn't Stop Russian Oil. It Created a Toll Booth.
The price cap was meant to cut Russia's revenue while keeping its oil on the market. Its enforcement built a parallel shipping system whose costs are shared unevenly by exporters, shipowners, insurers, traders and refiners.
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Opinion · South Asia
What If We Were Not Enemies?
Pakistan and India: two neighbours spending too much energy on each other, while poverty waits at the door
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Analysis · Africa
Nigeria's Rating Upgrade Is Partly a War Dividend
Nigeria's sovereign credit rating upgrade is being presented as proof that three years of painful reform have finally paid off. Some of it has. But part of the improvement traces back to an oil price spike tied to a war Nigeria did not start.
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Analysis · Middle East & North Africa
Beyond Hormuz: How Saudi Arabia's Oil-Route Redundancy Is Being Tested
The East-West pipeline gives Saudi Arabia an alternative to the Strait of Hormuz, but when one route fails, the remaining routes can become new points of vulnerability.
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Analysis · Americas
Why China Will Get What It Wants From Trump
Xi arrives in Washington with rare earths, cheap energy, and leverage. Trump arrives with $6 diesel and a war he can't afford.
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Analysis · Africa
Mozambique's LNG Restart Is a Fiscal Bet on Timing
Mozambique's delayed LNG restart could bring major gas revenues into state coffers just as a global supply wave reshapes prices, buyer leverage and the value of that revenue.
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Analysis · Africa
Mozambique's Mining Law Is a Fiscal Bet on Resource Sovereignty
Mozambique's 15% state mining stake could increase public control over mineral resources, but its success will depend on whether the country can attract the investment needed to turn that stake into actual revenue.
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Analysis · Europe
Canada Cannot Join Europe. It Can Get Most of the Way There.
Ottawa is exploring a status that does not exist, with a bloc whose treaties say it cannot join, to escape a neighbour that takes seven in ten of its exports. This brief sets out what is actually on the table, what is not, and how to price the outcomes.
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Analysis · Russia & Eurasia
Washington Is Now Defending Russia's Oil Refineries
American diesel passed $6 a gallon on Friday. On Sunday the President asked Ukraine to stop destroying the refineries of the country he is sanctioning. The two facts are the same fact.
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Analysis · Middle East & North Africa
The Last Way Around Hormuz Is Closed
Drones launched from Iraq shut the pipeline that carried five million barrels a day past the strait. Brent is above $107, the ten-year Treasury is at 4.97%, and the Federal Reserve meets on Wednesday.
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Analysis · Middle East & North Africa
Why Trump Can't End the Iran War After the Midterms
The Vice President says by January 2029. The theory of how wars end says neither of them controls the date.
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Analysis · Middle East & North Africa
America Is Bombing Its Own Bond Market
Five Iranian tankers are burning, oil has crossed $100, and the U.S. Treasury is paying more than $1 trillion a year in interest. These three facts are one story.
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Analysis · Middle East & North Africa
The U.S. Imported Iranian Oil While Bombing Iran
For one month, a quiet Treasury licence made Iranian crude legal in American ports
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Analysis · Middle East & North Africa
Iran Is Waiting for the US Midterm Elections
In 1980, It Waited for the American Election, and It Is Waiting Again.
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Analysis · Americas
Why Greenland Is Not Worth It for Trump
Natural resources, power politics, and the high price of coercion
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Analysis · Russia & Eurasia
Russia’s War Economy Is Finally Breaking Apart
The Illusion of Strength Is Fading
