RISK NEWS

State regulators have not identified what led to the highest-ever gas prices during February 2021's Winter Storm Uri, raising red flags about the upcoming winter.

This Quarterly Risk Outlook examines the major investment, geopolitical and energy transition-related risks shaping the global oil and gas operating environment this quarter and beyond. Gabon’s coup and Ecuadorian election results, including the referendum banning some Amazon oil production, are examined in depth. Cyprus’s Aphrodite plan rejection and Russia’s motor fuel export ban as well as other key aboveground risk drivers are also covered. Geopolitically, the growing spillover risks from coups and instability in the Sahel is a key focus area, alongside other developments such as Azerbaijan’s takeover of Nagorno-Karabakh, China’s economic slowdown and easing Iran tensions. Meanwhile, resource nationalism and interstate tensions are growing transition risk drivers.