Tom Holland

Tom Holland

Deputy Global Research Director

Tom helps to steer Gavekal’s global research, with a special focus on energy markets. Before joining Gavekal in 2014 he worked as an analyst and commentator at media organizations including CNBC, The Wall Street Journal and the Far Eastern Economic Review, earning his spurs as the lead foreign exchange analyst for Dow Jones during the 1997-98 Asian currency crisis. He originally started his working life as an exploration geologist, until a collapse in commodity prices forced him into journalism as the traditional refuge of the otherwise unemployable.

Tom Holland's Articles

Selected research

Video: Aramco, Oil And Saudi's Economic Transition
7 Jun 2024
Saudi Arabia’s US$11bn follow-on offering for oil giant Aramco follows a spate of Saudi sovereign issues this year in domestic and international debt markets. Nevertheless, talk that Riyadh is facing a mounting fiscal squeeze as it attempts to fund a list of expensive mega-projects as part of an unrealistic economic transition program are exaggerated.
More
A Barrel Half Empty
A Barrel Half Empty
Tom Holland
4 Jun 2024
The market's verdict on Sunday’s Opec+ production agreement was brutal, with Brent and WTI on Tuesday each down around -8% from a week earlier to its lowest since early February. In this piece Tom revisits the likely evolution of oil supply and demand over the next 15 months to assess whether Opec’s barrel is half full, as the cartel would like to believe, or half empty, as oil futures traders clearly concluded.
More
The Energetic Danse Macabre
8 May 2024
The next Opec+ meeting is still more than three weeks away on June 1st, but already the preparatory dance has begun. At the end of June, “voluntary” Opec+ oil production cuts of some 2.2mn barrels per day are due to expire. The first job for the export cartels’ ministers when they meet in Vienna will be to decide whether or not to roll over these reductions until the end of the year.
More