The warnings may finally be coming true. Four months after the OECD warned that the soaring oil price could damage the economic recovery in developed nations (since when Brent has advanced another 19 per cent), the IEA has noticed that global oil demand has begun to flatline. Read more
A global backlash against nuclear power in the wake of the Fukushima crisis would lead to higher prices, less energy security and higher carbon emissions, according to Fatih Birol, chief economist at the International Energy Agency. Read more
Analysts are currently rushing out their forecasts for 2011, and one thing that almost everyone seems agreed on is this: oil prices will remain high. Read more
Yesterday I blogged about the growing consensus among analysts that the price of oil was heading in only one direction: upwards. BarCap, in fact, forecast it would hit $100/barrel this year, with Opec only taking action to increase production after a price spike.
Now the IEA has fired a warning shot across Opec’s bows with a stark warning from its chief economist, Fatih Birol. Read more
In this week’s readers’ Q&A session, Peter Voser, the chief executive of Shell, answers your questions. Read more
Wednesday’s weekly EIA oil inventory data is worth coming back to on Thursday.
Not only did the EIA report an exceptionally large and unexpected crude draw, it turns out the draw was the largest of its kind for this time of year since 1989. Read more
Opec today raised its predicted level of oil demand for 2011 from 86.83m barrels per day to 86.95mbpd, an increase of 120,000.
Interestingly, this comes out a few days after the IEA released its World Energy Outlook, showing its predictions have gone in the opposite direction. Read more
In a way, Chevron’s $4.3bn deal for Atlas Energy – giving it a foothold in the Marcellus shale gas field – was not particularly surprising. After Exxon and Shell made similar moves to take advantage of the US shale boom, Chevron was simply playing catch up.
But two things about the deal have raised eyebrows: the company’s previous resistance to such a strategy and the persistently low price of gas. Read more