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New Atlanticist

Apr 21, 2020

As US crude prices crumble, a difficult hand for the United States

By Reed Blakemore and John Soughan

As the market digests the final surge of oil from a Saudi-Russian price war prior to the implementation of production cuts on May 1, it may be that the tail end of a brutal supply glut has arrived and corresponding price stabilization—albeit at a very low price—will be soon to follow. But with oil demand projections reaching multi-decade lows, and US inventories continuing to build by record levels, the madness on April 20 suggests that US markets are far from out of the woods, putting policymakers and regulators in a tough position.

Energy Markets & Governance Oil and Gas

New Atlanticist

Apr 14, 2020

Oil price war ends, but coronavirus demand crisis remains

By Reed Blakemore

The result of the OPEC+ marathon negotiations should help restore some positive market sentiment and possibly firm up something of a price floor over the short term. However, the impact of a month-long price war, amidst deteriorating oil demand, risks eventually drawing the deal into sharp relief over the next few weeks.

Coronavirus Energy Markets & Governance

New Atlanticist

Apr 12, 2020

OPEC’s historic deal may still not be enough

By Randolph Bell and Reed Blakemore

On April 12, a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and ten other oil producing countries (known as OPEC+) reached a historic deal to cut 9.7 million barrels per day (bpd) to meet the historic challenge of a COVID-19-driven drop in demand. But as the oil market digests OPEC’s and OPEC+’s largest-ever single oil production cut in the face of an overwhelming demand shock, the question remains: will it be enough?

Oil and Gas Russia
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Reed Blakemore is director with the Atlantic Council Global Energy Center, where he is responsible for the center’s research, strategy, and program development. His work focuses on oil and gas markets, critical minerals, trade and geopolitical risk, and the evolution of bilateral relationships in the energy transition. Reed is the author of several Global Energy Center reports, including, The Role of Minerals in US Transportation Electrification Goals, Enhancing US-Japan Cooperation on Clean Energy Technologies, and The Role of Oil and Gas Companies in the Energy Transition. He has spoken in front of the US House of Representatives Committee on Natural Resources, and has been featured in Bloomberg, S&P Global Platts, and Al Jazeera, among others.

Prior to joining the Atlantic Council, Reed held positions at the International Institute for Strategic Studies – US and at the United States Senate Foreign Relations Committee. He earned a master’s degree from the George Washington University Elliott School of International Affairs in Security Policy Studies, with emphases in defense analysis and transnational security Issues. He received a bachelor’s degree in International Relations from the University of Redlands, where he was also a member of Phi Alpha Theta, the national history honor society.