The U.S.-China trade war and geopolitical flare-ups could threaten the growth of North America’s upstream oil and gas as oil market volatility and the specter of global recession rise, S&P Global Ratings said in a new report this week. S&P Global Ratings’ report “North America: Rising Recession Risk Adds to Trade, Rate Uncertainty” found that American consumers have so far propped up the world’s biggest economy, but the trade disputes, heightened tension in the Middle East, and slowing global economic growth will weigh on many industrial sectors in the U.S., including the energy sector. According to S&P Global Ratings, the risk of a recession in the United States beginning over the next 12 months has now increased to 30 percent-35 percent, up by five percentage points compared to the previous quarter. Geopolitical tensions, especially in the Middle East with the attacks on Saudi oil infrastructure , and trade disputes […]