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IEA says "world's energy system at crossroads"

The International Energy Agency (IEA) is the global energy watchdog. Its new annual report, just published , says "the world's energy system is at a crossroads", and adds that "current global trends in energy supply and consumption are patently unsustainable". As examples, it...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-16-2008
Oil producers at a crossroads

The blog has been thinking about last week's leaked report from the International Energy Agency (IEA). This said that the world needs "to invest $360bn each year until 2030 to replace falling oil production and increase supply". The IEA based this sum on a new analysis of 500 oilfields...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-02-2008
OPEC cuts production, worries about demand

Two main factors weigh on oil markets. The first, as PetroMatrix point out in their latest weekly report , is that speculative players in virtually all commodity markets are being forced to deleverage their positions. Therefore, "the bottom will be dependent on the end of the firesale". The...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-28-2008
Oil futures focus on $50/bbl for December

Futures markets are taking an increasingly gloomy view of oil demand. And over the past 2 weeks, the volume of NYMEX contracts to sell crude at $50/bbl has soared 50-fold. But so far, as the blog expected, physical prices have stabilised at the $70/bbl level in advance of OPEC's emergency meeting...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-20-2008
OPEC tries to hold $70/bbl oil

OPEC has called an emergency meeting for 18 November to discuss measures to combat collapsing oil prices. But as the blog noted last week , by then they could be looking to defend $50/bbl. And it seems Saudi Arabia agrees. Market reports suggest 'the world's top oil exporter has already started...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-15-2008
OPEC tries to hold the oil price

OPEC has called an emergency summit for 18 November 'to discuss the global financial crisis, the world economic situation and the impacts on the oil market'. Its president, Chakib Khelil, added that it was 'very likely' they would cut output. This morning's price is already down to...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-10-2008
OPEC says oil market 'over-supplied'

This morning, the blog is awarding itself a pat on the back. This is because, almost alone, it forecast in mid-July that oil prices 'could easily fall $50/bbl to $100/bbl' in the absence of any military action on Iran. And it had the courage to repeat this comment on 4 August . It added that...

Posted to ICIS Blogs (Weblog) by Anonymous on 09-10-2008
A new 'North-South dialogue'

I've read several reports on the outcome of the Jeddah oil 'summit', and still feel no wiser than last week : • The New York Times says it 'ended largely in disagreement', with a 'modest pledge' of increased Saudi production and 'no resolution' on any other practical...

Posted to ICIS Blogs (Weblog) by Anonymous on 06-23-2008
Oil hits $140/bbl

Chemical companies are still getting used to the idea that crude is trading above $100/bbl. For many of them, this was a complete shock, as many had believed the consensus view and budgeted for a $70/bbl average in 2008. Now, however, worse news is in prospect as forward prices have been racing away...

Posted to ICIS Blogs (Weblog) by Anonymous on 05-21-2008
OPEC suggests $200/bbl oil

OPEC used to believe that its fortunes were tied to the health of the global economy. But as I noted last month , its current policy is more reminiscent of ‘the difficult times of 1973/4 and 1989.80’. The evidence for this statement is mounting. Saudi Oil Minister, Ali Naimi, said recently that the Kingdom...

Posted to ICIS Blogs (Weblog) by Anonymous on 04-30-2008

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