Colonel Gaddafi’s rather strange television appearance last night failed to quell the Libyan insurrection, and this morning has seen a mounting number of oil companies depart the country and the oil price continue to surge. Read more
This morning’s story in the Guardian that US diplomats believed Saudi Arabia to have overstated their oil reserves should ring alarm bells around the energy world. Read more
The Opec oil cartel is quietly increasing its production as oil prices flirt with $100 a barrel, the western countries’ oil watchdog said on Tuesday. 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
Oil prices neared 27-month highs yesterday, and analysts are expecting the run to go on and on. A survey of analysts yesterday by Bloomberg found they expected 2011′s average price to be the second highest ever.
Today, Barclays Capital has added to that sentiment, producing its list of five predictions for the oil price for 2011. Not one of them reads well for consumers. Read more
In this week’s readers’ Q&A session, Peter Voser, the chief executive of Shell, answers your questions. Read more
How much does Opec matter? This might appear a strange question to ask of the 12 countries who jointly possess about 80 per cent of the world’s known oil reserves, but the recent volatility of the oil market suggests the club may count for less than you might think. 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
Ali Naimi, the oil minister of Saudi Arabia, was in mischievous mood on Monday night, positing an oil price of $70 to $90 for the foreseeable future, and suggesting that oil consumers should be happy with such a settlement – because a price of more than $70 was needed to justify investments in renewable energy. Read more