Saudi Arabian King Salman bin Abdel-Aziz’s decree to allow women to hold driving licences from June 2018 has come as something of a surprise. No leaks, trial balloons or statements were issued to signal that the decision was imminent.
But the text of the king’s decree also shows that he believes change must be controlled, and must be initiated from the top, rather than coming from the bottom upwards.
This is a story about how LNG producers went through the five stages of grief, before accepting the market will be oversupplied and adjusting their trading strategies accordingly.
The five stages of grief are: denial, anger, bargaining, depression and acceptance.
The market looks to the Opec monthly report for guidance. Over the years since it started at a few faxed pages, rather thin on content, that turned up when it turned up, it has acquired some gravitas, a counterpoint to the IEA report.
The pledge to cap retail energy prices in UK prime minister Theresa May’s ill-starred 2017 election campaign was a distinct departure from Conservative Party economic orthodoxy. Intended to appeal to the working class heartlands of the opposition Labour Party, it was at the centre of a manifesto widely decried by the business community as the Tories’ most “anti-business” ever.
The UK’s two largest political parties have proposed taking back control of energy prices at a time when they have the least power over them.
The opposition Labour party plans to create publicly-owned energy companies and an “emergency price cap” on household energy bills, according to a leaked draft version of its manifesto.
Labour declined to comment on the leaked document with a “clause 5” meeting to scrutinise the draft manifesto today.