Daily Archives: March 30, 2011

With Brent Crude at $115 a barrel, it is little surprise to see the International Energy Agency talking in terms of oil remaining at $100 for 2011. And if it does, the organisation expects OPEC members to generate over $1,000bn in export revenues for the first time, as the FT reported on Wednesday.

Little wonder that Saudi Arabia and the Gulf states, which dominate the 13-nation cartel, can afford to splash out on big public spending plans to help quell social unrest. But it is expensive – Saudi Arabia now needs an oil price of $83 a barrel to balance its 2011 budget. And it may not work: history suggests that as countries grow richer, their citizens want rights as well as rewards.

Political scientists are still refining the theory but they generally accept its central tenets. The development of Europe, east Asia and Latin America has produced many examples of countries where, as incomes have risen, authoritarian regimes have been replaced with more democratic systems.

Kiran Stacey

North Sea oil rigThe tension between oil companies and George Osborne surrounding North Sea oil taxes has deepened.

But Statoil’s decision to put two projects on hold represents only one part of this clash. The other is from investors, who warn that it is not just current projects that are under threat, but long-term investment.

FT Energy Source

- Opec set for $1,000bn in export revenues – FT

- Gulf of Mexico lawsuit fears hit BP – The Telegraph

- BP could be charged with manslaughter – The Times

- BP faces revolt on £8m Hayard pay – The Telegraph

- The politics of oil: Wells of anxiety – FT

- Covering Libyan oil eats into Saudi capacity – FT

- Warning on oil price threat to the UK – FT

- Oil companies go to war with Osborne – The Times

- Statoil takes on Osborne over $10bn North Sea projects – FT

- Cnooc, Total sign agreements to buy Tullow Ugandan assets – Bloomberg

- Tepco shares slide amid nationalisation fears – FT

- Japan to scrap stricken reactors – BBC

- Science chief backs nuclear renewal – FT

- UK has £10bn chance to reuse spent nuclear fuel – WSJ

- Germany’s nuclear tensions erupt – FT

- Berlusconi in power policy rethink – FT

- EDF in corporate row with Italy – FT

- GE steps up drive on energy with $3.2bn deal – FT

- GE Converteam buy to boost UK wind industry – The Telegraph

- GE plugged into demand – FT Lex

- Proposal to gut DOE loan guarantee programme – WSJ

- California passes higher clean energy goal – Reuters

- Spain regulator halts subsidies to 350 solar plants – Reuters

- Lithuania focuses on breaking Russia’s grip – FT

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