Podcasts · West of Centre

Short: The prolonged calm before the next oil price swing

7 Jul 2025 · 26 min · S6 E246

Despite wars in Ukraine and the Middle East, a resurgent Donald Trump threatening global trade, and the world increasing supply, crude prices haven’t swung wildly like they once did. In fact, 2024 marked one of the most stable years for oil prices in decades, and the first half of 2025 has more or less followed suit.

So what’s behind this unusual calm in a chaotic world?

On this episode of West of Centre Short, energy analyst Susan Bell of Rystad Energy breaks down what’s anchoring post-pandemic global oil prices — and why Canada has proven more resilient than expected. From OPEC’s evolving playbook to U.S. shale discipline and the impact of the Trans Mountain pipeline expansion, we unpack the new rules of the game. That includes the political calculus behind Saudi Arabia’s more cautious approach, as it balances domestic reforms, regional influence and long-term energy strategy.

But the era of stability may not last. Bell flags the early warning signs — and what could trigger the next big shift.

Host: Rob Brown | Producer & editor: Falice Chin | Guest: Susan Bell