This week’s deliberations in Vienna have not done a lot for the near-term oil price — front month Brent is well under $52/bl today, less than 5pc higher than it was one year ago when a production cut was just a twinkle in the eye of the harder-pressed Opec members. Continue reading
The temporary power outage at the start of a Mexican fuel marketers meeting outside Mexico City last week was an apt reminder of the challenges faced by the country’s nascent gasoline and diesel market. Continue reading
Three unpopular presidents from big oil-producing countries walk into a bar. The bartender starts fixing their regulars, a Caipirinha, a Mojito and a virgin White Russian. “I´ll take mine to go,” one of the beleaguered presidents says. Which president was it? Continue reading
It looks very much like Nigeria has managed to restart its Forcados export stream. A Suezmax tanker appears to be laden offshore, and if this is the case it represents a major milestone for the country’s approach to dealing with the restive Niger delta and demonstrates that Nigeria has made good use of its exemption from the Opec cuts deal.
“Global energy demand remains strong and growing, but abundant supplies of oil and gas are now a fact of life. As a result, the economics of the past are changing,” says BP chief executive Bob Dudley.
Indeed, the once-popular idea of the world running out of oil in the future has been replaced by discussions about when exactly oil demand is likely to start declining. BP chairman Carl-Henric Svanberg suggests oil consumption could peak within the next 20 years, as a result of the world using more renewable energy and thanks to technological advances and efficiency in all fields of life, from engines to electric vehicles.