Fabio Petito is Senior Associate Research Fellow in ISPI and Head of the "Religions and International Relations" Programme promoted by ISPI and the Freedom of Religion or Belief & Foreign Policy Initiative (FoRB&FPI), University of Sussex - UK. He is Senior Lecturer in International Relations at the University of Sussex. He has taught at SOAS in London, the ESCP-EAP in Paris and at ‘L’Orientale’ in Naples.
Risultati della ricerca:
The sudden plunge of oil prices that took place earlier this month in a context of global coronavirus crisis and a Saudi-Russian price war, has brought the price per barrel below $US 30.
This time it's different. The ongoing oil shock has a precise origin: the new SARS-COV-2 coronavirus pandemic. During the 2007-2008 subprime mortgage crisis, the collapse of international trade was linked to the fear of a crack in the financial system. In this case, the lockdowns in Asia, Europe, Africa, Oceania, North America and South America are having a greater magnitude. And the volatility of the oil price reflects this new dimension. Italy is not immune to contagion. The consequences can be long-term.
While the Gulf Cooperation Council (GCC) infrastructure projects aim to reduce the impact of oil price volatility on the Gulf economies, the projects’ viability remains directly linked to government spending, and thus revenues from oil, and are currently vulnerable to the oil price war, COVID-19 and, subsequently, the economic recession, supply-chain disruptions, and labor risks.
The last time the price of oil nose-dived was in 2015/2016, when it plummeted to 28 dollars a barrel after years of relative stability at over 100. OPEC was seen to be powerless, but soon the Russians and Saudis decided that a little conflict of interest over Iran and Syria should not preclude brotherly collaboration between two great oil-producing nations. Money first. After some discussion, they reached an agreement and the price rose again, initially to over 80 dollars a barrel before finally zig-zagging between 50 and 60, a fair figure that suited all involved.
Since the start of the standoff between Russia and Saudi Arabia on oil production cuts and the following sharp decrease in oil prices, much ink has been spilt over Russia’s supposed resilience compared to its former OPEC+ partner.
Global oil demand has hit historical lows over the last weeks due to the economic slowdown caused by the Covid19 pandemic. Big producers such as Saudi Arabia and Russia have been bickering over collective production cuts and have engaged in a deadly price war that pushed prices down to 20 dollars per barrel.
The People’s Republic of China (PRC), and more importantly the ruling Chinese Communist Party (CCP), is a major factor in the global information environment. China is both a consumer and a supplier for that network. Some 850 million Chinese people have access to the Internet. China is an integral part of the global supply chain for information and communications technologies (ICT).
‘Cyberspace’ became a UN issue in 1998 when Russia first tabled a resolution on ‘Developments in the Field of Information and Telecommunications in the Context of International Security’ with the aim of starting negotiation of a treaty to regulate the possible use of ICTs in international conflict. Interestingly, what Russia feared most at that time was the ‘development, production or use of particularly dangerous forms of information weapons’, i.e.
The Internet is a decentralised structure whose functioning depends on a series of complementary technical protocols, laws, and international regulations. As a result of this, its well-functioning entails negotiations among a variety of stakeholders, including those responsible for developing digital markets, policies, legal frameworks and technical standards.