Oil and Petroleum Products | Council on Foreign Relations

OPEC in a Changing World

Western leaders have long criticized OPEC’s power to raise oil prices, and the bloc continues to influence the global market even as U.S. oil production has soared and alternative energies have come to the fore.

by Anshu Siripurapu and Andrew Chatzky Mar 9, 2022

The Russian-Saudi Oil Price War, With Amy Myers Jaffe

Amy Myers Jaffe, CFR’s David M. Rubenstein senior fellow for energy and the environment and director of the Energy Security and Climate Change program, sits down with James M. Lindsay to discuss the standoff between Russia and Saudi Arabia over oil prices.

Podcast by James M. Lindsay and Amy M. Jaffe Mar 24, 2020

Venezuela

Increasing Venezuela’s Oil Output Will Take Several Years—and Billions of Dollars

President Trump has set his sights on Venezuelan oil, but there are many economic and political obstacles to significantly ramping up the country’s oil production.

by Brad W. Setser January 8, 2026 Greenberg Center for Geoeconomic Studies
Saudi Arabia

Navigating Saudi Arabia’s Future: Power and Change in the Kingdom

Panelists discuss Saudi Arabia’s growing geopolitical role, the leadership of Crown Prince Mohammed bin Salman, and the transformation of the Kingdom from recent reforms.Copies of The Man Who Would Be King: Mohammed bin Salman and the Transformation of Saudi Arabia will be available for purchase.If you wish to attend virtually, log-in information and instructions on how to participate during the question and answer portion will be provided the evening before the event to those who register. Please note the audio, video, and transcript of this hybrid event will be posted on the CFR website.

Virtual Event by F. Gregory Gause III, Karen Elliott House, Michael A. Ratney and Frances Fragos Townsend July 30, 2025
Energy and Climate Policy

Will the International Energy Agency Keep Boosting Clean Energy?

The agency’s mandate has expanded from strengthening energy security to boosting the global clean energy transition, but it is facing pushback from critics who believe this mission undermines oil and gas investments.

by David M. Hart March 24, 2025 Energy Security and Climate Change Program

Venezuela

Falling for Maduro’s Lobbyists

Lobbyists seeking closer relations between the United States and the repressive Maduro regime in Venezuela are advancing their own interests in agreements that would damage the United States.

by Elliott Abrams November 28, 2024 Pressure Points
Election 2024

Why Fracking Matters in the 2024 U.S. Election

The fracking boom has transformed the United States into the world’s leading producer of oil and gas. With presidential candidates Harris and Trump clashing on climate and energy policy, the practice is once again in the spotlight.

by Diana Roy October 8, 2024
Venezuela

What is the Real U.S. Policy on Venezuela?

Despite the Biden administration's tough words about democracy in Venezuela, oil exports from that country to the United States are growing and Chevron's license was just renewed again.

by Elliott Abrams October 5, 2024 Pressure Points
Venezuela

Time to Revoke the Licenses Permitting U.S. Oil Companies to Work in Venezuela

General License 41 was promulgated by Treasury to help democracy in Venezuela. That has failed, and the lack of transparency under Venezuelan law obscures facts that should be in the public record.

by Elliott Abrams September 26, 2024 Pressure Points
Venezuela

More Hostages But No More Sanctions: The Failure of Biden Administration Venezuela Policy

The arrest of a fourth American hostage by the Maduro regime in Venezuela shows the failure of Biden administration policy there. It is time to reimpose sanctions on Venezuelan oil.

by Elliott Abrams September 18, 2024 Pressure Points
Venezuela

Oil Companies, Biden Policies, and Democracy in Venezuela

The activities of U.S. and European oil companies in Venezuela are helping the Maduro regime crush democracy there, and the Biden administration should now fully reimpose U.S. sanctions.

by Elliott Abrams September 7, 2024 Pressure Points
Venezuela

Venezuela: The Rise and Fall of a Petrostate

Venezuela’s ongoing descent into economic and political chaos is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

by Diana Roy and Amelia Cheatham July 31, 2024
Energy and Environment

Global Energy Tracker

As the effects of climate change mount, high-carbon energy sources continue to provide most of the world’s power. On average, 84 percent of tracker countries’ energy comes from high-carbon sources such as oil, whereas 16 percent comes from solar and other renewables. Low-carbon sources, however, are on the rise, particularly in developed countries.

by Benn Steil July 1, 2024 Greenberg Center for Geoeconomic Studies
Climate Change

European Parliament Elections, G7 Leaders’ 50th Summit, Powerful Hurricane Season Looming, and More

All twenty-seven European Union (EU) member states vote in European Parliament elections with polls showing right-wing parties poised to gain more seats; the Group of Seven (G7) leading industrial democracies meet in Italy with a sizable agenda, including support for Ukraine and trade concerns with China; the United States prepares for an above-normal hurricane season; and the Organization of the Petroleum Exporting Countries and partner exporters, known as OPEC+, extend oil output cuts.

Podcast with Robert McMahon and Carla Anne Robbins June 6, 2024 The World Next Week
Venezuela

Will the United States Boost Maduro in Venezuela’s Election?

A forced sale of CITGO oil company just days before Venezuela's July 28 presidential election would be a propaganda bonanza for the Maduro regime, and should be delayed by the United States government.

by Elliott Abrams June 2, 2024 Pressure Points
Middle East and North Africa

Oil and National Security: U.S.-Middle East Relations

Steven Cook discusses the modern history of U.S. involvement in the Middle East and how economic interests, including secure access to oil reserves, continue to influence U.S. priorities in the region today. In a preview of his forthcoming book The End of Ambition: America’s Past, Present, and Future in the Middle East, he provides his vision for the future of U.S.-Middle East relations and what that could mean for U.S. energy security and global trade.

Virtual Event by Steven A. Cook and Helima Croft May 29, 2024 Middle East Program
Venezuela

Guyana-Venezuela Border Dispute, Missile Defense Base in Poland, DRC Elections, and More

Guyana and Venezuela begin discussion on a territorial dispute over the Essequibo region; the Redzikowo U.S. missile defense base in Poland becomes operable; the Democratic Republic of Congo (DRC) holds presidential elections; and Russian opposition leader Alexei Navalny goes missing.

Podcast with Robert McMahon and Carla Anne Robbins December 14, 2023 The World Next Week