Despite last week's agreement by Saudi Arabia and Russia to end their price war, the oil market remains in free-fall amid the virtual shut-down of the world economy by the COVID-19 pandemic. The price of the main US oil benchmark, West Texas Intermediate, fell on April 20 to $30 below zero—the first time oil prices have ever turned negative. This means anyone trying to sell a barrel would have to actually pay a buyer. The global industry output of 100 million barrels a day would appear to be on borrowed time. (NYT)

Already depressed oil prices are now plummeting in response to the COVID-19 pandemic. Global oil consumption is said to be in "free-fall," and predicted to lead to the largest "annual contraction in history." Bloomberg reports that oil traders fear that demand "may contract by the most ever this year, easily outstripping the loss of almost 1 million barrels a day during the great recession in 2009 and even surpassing the 2.65 million barrels registered in 1980, when the world economy crashed after the second oil crisis." (OilChange)

Before Donald Trump left the London NATO summit in a huff, he made the startling claim at a press conference that the United States can do "what we want" with the oil-fields now under its control in northeast Syria. The Dec. 2 remarks are provided via White House transcript: "And I wanted to say that, in keeping the oil, ISIS was trying to, as you know, regain control of the oil. And we have total control of the oil. And, frankly, we had a lot of support from a lot of different people. But, right now, the only soldiers we have, essentially, in that area, are the soldiers keeping the oil. So we have the oil, and we can do with the oil what we want." This faux pas, jumped on by the British tabloid press, recalls Trump's 2016 campaign trail boast of his plans for Syria: "I'll take the oil"—and turn the seized fields over to Exxon!

The 2019 UN Climate Change Conference began Dec. 2 in Madrid, with leaders looking for solutions to reduce global carbon levels. Leaders originally planned for the conference to be held in Chile, but due to political instability, the conference was moved to Madrid, where it will take place over the next two weeks. The conference started with statements from prominent leaders, notably António Guterres, the UN Secretary-General. Guterres urged leaders to select the "path of hope." He characterized this choice as:

The UN Environment Program (UNEP) has released its tenth annual report on "emissions gaps," finding that the current rate of global carbon emissions will lead to an average temperature rise of 3.5 degrees Celsius over pre-industrial levels by 2100. The report was completed by international scientists and specialists to assess where countries are in terms of their emissions levels versus where they need to be to avoid the worst damage from climate change. Inger Andersen, the executive director of the program, wrote in the foreword that "[o]ur collective failure to act strongly and early means that we must now implement deep and urgent cuts… This report gives us a stark choice: set in motion the radical transformations we need now, or face the consequences of a planet radically altered by climate change."

US troops hastened their withdrawal from Syria on Oct. 21, amid the anger of local Kurds and confusion over the future status of American forces in the area. More than 100 vehicles crossed into Iraq that day. The departure of the 1,000 soldiers—including 500 that were embdedded in the Kurdish-led Syrian Democratic Forces (SDF)—was marked by the US destroying weapons, equipment and facilities to keep them from falling into the hands of Russian, Assadist or Iranian forces. Video showed Kurdish residents, furious at a perceived betrayal by the Americans, berating and attempting to block a convoy of withdrawing US forces as youth pelted the trucks and armored vehicles with stones and rotten fruit.

US Speaker of the House Nancy Pelosi has finally announced that the House is moving forward with an official impeachment inquiry after reports surfaced that Donald Trump called on a foreign power to intervene in the upcoming election. Trump placed a hold on $391 million in aid to Ukraine just over a week before a July phone call in which he apparently urged Ukrainian President Volodymyr Zelensky to investigate Hunter Biden—the son of former US Vice President Joe Biden, Trump's likely opponent in next year's race. The transcript of that call (not, apparently, verbatim) was released by the White House Sept. 25.  Trump of course called the impeachment inquiry "the single greatest witch-hunt in American history," and tweeted that the inquiry is PRESIDENTIAL HARASSMENT (all caps). (Jurist)

Trump now says it is increasingly "looking like" Iran was behind the attack on Saudi Arabian oil facilities over the weekend, while adding: "I don't want war with anybody but we're prepared." (RFE/RL) He also tweeted in typically ugrammatical style: "Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!" Meanwhile, Yemen's Houthi rebels have claimed responsibility for the attack, while Iran is denying any involvement. How are we to read this, and what are the risks?