The Black Fleet: An Introduction to Shipping Sanctioned Oil in 2023

It has been precisely 371 days since a G7 oil cap took effect limiting the price levels at which Russian oil could be bought and sold in the world’s largest economies, finally agreeing in the fifth of December in 2022 on measures designed to punish Moscow for the invasion of Ukraine and to cripple an industry that fuels the Russian war effort in Ukraine. But, widely discussed is the efficiency of achieving these goals themselves.

The war in Gaza, oil prices and the global economy

Since Hamas’ attack on Israel on October 7th and the subsequent land incursions of the Jewish State in the Gaza Strip, the war in the Middle East, which cost the life to many, has been at the centre of the geopolitical scene. After almost two months of bloody combat, we take a step back and try to answer questions about the consequences of that fatal day. Our focus will particularly be on the oil market, how oil prices have changed and might change in the near future and why this is of interest to the global economy.

War: A nightmare for the global supply chain

The Russia-Ukraine conflict has affected the global logistics market on every level. This continuous war has led to an increase in prices of several commodities, affecting the international market. Commodities and industrial inputs, everything from wheat and oil to palladium and nickel, have been disrupted and prices have climbed. Transportation costs are increasing too. What is going to happen to the investor confidence and market volatility? To what extent will the energy crisis keep affecting us? In this brief article, we will examine the short-term and long-term implications for supply-chain operations and how this war-provoked crisis could keep on impacting supply-chain management.

Another mistake that Venezuela cannot afford to make

María Corina Machado, former member of the National Assembly[1], triumphed in the internal primary of Unitary Platform, an alliance of opposition parties, gaining over 90% of the votes[2]. She was ready to challenge Maduro in the 2024 elections. However, the Venezuelan Supreme Court unexpectedly decided to suspend the result of the recent opposition primary. This verdict of the Venezuelan Supreme Court surprised international analysts, since it came just few days after the U.S decided to lift sanctions on Venezuelan oil (PdVSA, the Venezuelan state-owned oil company) and gas industry, as well as on Minerven, the Venezuelan state-owned gold mining company. 

Overview of the Nagorno Karabakh War

In the recent weeks we have been flooded with information regarding the recently reignited conflict. However, this war isn’t of recent development, the area has known tensions since decades. The historic tension is generated by a discrepancy between who is de facto in control over the region, Armenia and who is de jure recognized as the Sovereign of the land, Azerbaijan. Nagorno Karabakh is an 11,458 square kilometers area with an estimated population of 143,000, the majority of which is ethnically Armenian, around 95%.

Turkish Incursion in Cypriot Gas Fields: Provocation or Strategy?

In 2019 and in the first half of 2020, Turkey has sent some drillships in the Eastern Mediterranean Sea, in particular in the south of Cyprus, in order to look for new gas and oil fields without asking permission from Cyprus and the EU. The problem is that the area where Turkey has sent its drillships is an Exclusive Economic Zone (EEZ) of Cyprus, an area which cannot be violated by another country and whose resources can be only exploited by the country to which it belongs. It is for this reason that the EU, especially Cyprus and Greece, has strongly condemned Ankara’s incursion. The situation is very complicated and, as well as the never-ending fight for energy resources and the different aims of involved countries, the decennial problem between Cyprus and Turkey has been brought back into the spotlight.

Libyan Quagmire: Anticipating the Next Syria

Nearly a decade after the bloody downfall of Muammar al-Gaddafi, passions of a revolution that once liberated the Libyan people have eventually soured into chaos and bloodshed. Reverberating the Syrian disaster, the promises and aspirations of the Libyan revolution never came to fruition in the form of a functioning, popularly elected central government, brand new national institutions and most importantly reconciliation for war-torn people.