In the course of tracking global oil markets, I come across a world whose economic and political order is fast shifting. The systems and organs that have previously sustained globalised consensus on many issues like trade, peace and human values are certainly undergoing a shakeup. What is uncertain is whether this change is transient or if it will survive the times
The key change driver has been US President Trump with his “USA-first” policies. The USA (together with the EU) has historically been the principal sponsor and pillar of globalised free markets. The US unilateralism has caught the world unawares, unprepared and unsure how to respond, with Europe, China and Russia all reacting with varying pushback.
