The $55bn sale of BP’s troubled Russian partnership, TNK-BP, to Russia’s Rosneft has created a new oil major – from size, that much is clear.
But what will be the effect on trade? Harder to say, but the International Energy Agency has mapped out a few scenarios in its April report. Some would have a big impact on oil supplies to other countries.
The fact that the axis of world energy consumption is moving east isn’t exactly new – but the International Energy Agency is finally responding to the inevitable.
As the FT reported on Thursday, the agency is seeking an association with emerging economies, including the four Bric states. So beyondbrics has put together a couple of charts that show the change in energy consumption – and where it could go in the next two decades.
China’s statistics are notoriously unreliable, and oil demand is no exception.
In its Oil Market Report for February, the International Energy Agency admits that measuring it is more of an art than a science, and has announced a new methodology. While this may sound a little on the wonkish side, there is an important point: China counts for around 10 per cent of the world’s oil consumption and 40 per cent of global oil demand growth. Getting this bit right (or less wrong) is crucial.
The World Energy Outlook 2012 was published by the IEA on Monday, and rightly, the forecast that the US will become the world’s biggest oil producer by 2017 has grabbed headlines.
But tucked inside the 668 pages there are some interesting insights for emerging markets too. Beyondbrics brings you a few highlights.