<2> America’s Role in Global Energy Markets: A History of Chaos
<3> The Unintended Consequences of US Foreign Policy
The United States has long been a dominant player in the global energy market, with its influence extending far beyond its own borders. However, a succession of US foreign policy choices has had the unintended consequence of destabilizing the oil industry, leading to chaos in world energy markets.
<3> The Iran Nuclear Deal and the Rise of OPEC+
In 2015, the US, along with other world powers, negotiated the Joint Comprehensive Plan of Action (JCPOA) with Iran, also known as the Iran nuclear deal. The agreement lifted economic sanctions on Iran in exchange for its commitment to limit its nuclear program. However, the US withdrawal from the deal in 2018 led to a significant increase in tensions between the US and Iran, resulting in a sharp rise in oil prices.
<3> The Impact of US Sanctions on Venezuela
The US has also imposed severe sanctions on Venezuela, which has led to a significant decline in the country’s oil production. The sanctions, which were introduced in 2017, have made it difficult for Venezuela to export its oil, leading to a shortage of refined products in the US and