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Falling oil prices are defying the forecasters. Expect to be surprised for the rest of the year

May 8, 2023 by Carole Nakhle

The worst expectations for oil prices never materialised, thank goodness. In mid-March a year ago Brent reached $114 and WTI $103 a barrel. By the same time this year it was $72 and $66 respectively. That’s despite no end in sight for the Russia-Ukraine war, the trigger to the 2022 price escalation and global crisis. Carole Nakhle at the University of Surrey explains how today’s forecasts are similarly uncertain. She points at conflicting … [Read more...]

Filed Under: Energy, Oil, Gas & Coal Tagged With: Brent, China, Citibank, GoldmanSachs, IEA, IMF, inflation, oil, Opec, prices, Russia, Ukraine, WorldBank, WTI

Coronavirus bailouts should be explicit, not hidden by CO2 tax cuts. And nothing for Oil

March 20, 2020 by Severin Borenstein

Many industries will be pleading their case for a Coronavirus bailout. Severin Borenstein at the Energy Institute at Haas explains why the oil industry should not be one of them. Oil prices, already on the slide, are indeed sinking lower thanks to the pandemic. But decarbonisation should be sending them that way anyway. And the oil price has always be artificially high thanks to the OPEC cartel and weak or complicit “competition” from non-OPEC … [Read more...]

Filed Under: Energy, Oil, Gas & Coal, Policies Tagged With: airlines, bailouts, carbontax, CO2, Coronavirus, Covid19, Energy, oil, Opec, SaudiArabia, subsidies

60 years on, OPEC should take control again, cut supply, raise prices to fund its Transition

February 19, 2020 by Greg Muttitt

OPEC is often seen as no friend of the Transition. But Greg Muttitt points out that, although it did take an anti-climate stance in the 1990s, by the 2000s it had stepped back from climate negotiations, while some OPEC members became supporters. Muttitt says that, celebrating its 60th anniversary, it’s time for OPEC to remember its roots and organise its members to take control of their own destiny in the face of the inevitable rise of clean … [Read more...]

Filed Under: Energy, Oil, Gas & Coal Tagged With: emissions, gas, Iran, Nigeria, oil, Opec, prices, renewables, SaudiArabia

OPEC is driving itself to irrelevance with farcical aplomb

July 9, 2019 by Energy Post Premium

It took months of delays but even before the cartel’s latest ministers meeting began in Vienna, the Saudis and Russians rendered it meaningless by largely deciding an outcome that failed to surprise the market. Not that long ago, a meeting of the Organization of Petroleum Exporting Countries (OPEC) carried great weight in the global energy market and was accompanied by intense anticipation. The powerful oil producer’s cartel at one point held … [Read more...]

Filed Under: Energy, PREMIUM Tagged With: 176th meeting, markets, oil price, Opec, Russia, Saudi Arablia

Low oil price alongside rise in renewables sees Oil & Gas slide to bottom of S&P 500

January 7, 2019 by Tom Sanzillo

In December we reported that in 2018, the U.S. became the world's leading oil producer for the first time since the 1970s. It is tipped to produce 12 million barrels of oil per day this year (up approximately 10% year on year), and over two-thirds of it will come from shale producers. But the consequent squeeze on the oil price meant U.S. Oil & Gas firms ended the second year in a row at the bottom of the stock market. IEEFA’s director of … [Read more...]

Filed Under: Climate policy, Energy, Energy efficiency, Markets, Oil, Gas & Coal, Policies, Renewables Tagged With: fracking, IEEFA, oil, Oil & Gas, oil sands, Opec, renewables, S&P 500, Saudi Arabia, shale, Trump

The Saudi Dilemma: To Cut Or Not To Cut 

December 17, 2018 by Irina Slav

Following November's G20 meeting in Buenos Aires and the ensuing OPEC meeting earlier this month, the Kingdom of Saudi Arabia is still left scratching its head. 90% of the Kingdom's income comes from Oil. As US shale keeps piling on the pressure, some argue they have enough in the bank to fund higher production levels and even lower prices for another 10-years. But their Vision 2030 initiative, to radically diversify their economy, also requires … [Read more...]

Filed Under: Energy, Oil, Gas & Coal, Portfolio, Transport and energy Tagged With: China, oil, oil price, oil sands, Opec, Russia, Saudi Arabia, shale oil, Trump, US

$100 oil is a distinct possibility

September 28, 2018 by Nicholas Cunningham

It wasn't long ago that blistering U.S. shale growth was thought to have given rise to lower oil prices for the foreseeable future. But there are signs this could soon change, Nick Cunningham writes. Various factors are set to result in the potential disappearance of 2 million barrels of oil a day in the fourth quarter of this year, driving prices up into the three-figure range. Courtesy of Oilprice.com. … [Read more...]

Filed Under: Energy, Energy Outlooks, Oil, Gas & Coal Tagged With: crude, oil price, Opec

Most read this week

  • U.S. Inflation Reduction Act: one year on, a summary of impressive progress in the energy transition by Hannah Perkins | posted on September 19, 2023
  • 10 Carbon Capture methods compared: costs, scalability, permanence, cleanness by Ella Adlen | posted on November 11, 2019
  • Industry’s EU ETS reforms and CBAM: how firms can turn the rising cost of carbon into competitive advantage by Pablo Ruiz | posted on September 25, 2023
  • Sodium-ion batteries ready for commercialisation: for grids, homes, even compact EVs by Carlos Ruiz | posted on September 11, 2023
  • Understanding the new EU ETS (Part 2): Buildings, Road Transport, Fuels. And how the revenues will be spent by Simon Göss | posted on February 6, 2023
  • Affordable €25k EVs by 2025: Europe’s carmakers can do it. Instead they’re making more profitable SUVs by Transport & Environment | posted on September 22, 2023
  • Oil & Gas business is fatally flawed: Russia-Ukraine only delayed the relentless decline in prices by Clark Williams-Derry | posted on September 21, 2023
  • Micro-nuclear reactors: up to 20MW, portable, safer by Christina Nunez | posted on April 22, 2021
  • Though the price shocks hurt, Renewables installed between 2021-23 saved Europe €100bn by Joe Myers | posted on September 18, 2023
  • Concawe Symposium tackles climate and pollution as RED commits fuel companies to 29% renewable content from 2030 by Matthew James | posted on September 22, 2023
  • Space-Based Solar Power: getting closer as SpaceX and Blue Origin bring down the cost of heavy-lift launches? by Matteo Ceriotti | posted on September 20, 2023
  • Agrivoltaics: GWs of solar power from farmland using strategically placed panels (and raising crop yields) by Joshua Pearce | posted on September 26, 2023
  • What’s best for Hydrogen transport: ammonia, liquid hydrogen, LOHC or pipelines? by Herib Blanco | posted on May 5, 2022
  • EU Energy Outlook to 2060: how will power prices and revenues develop for wind, solar, gas, hydrogen + more by Alex Schmitt | posted on December 6, 2022
  • Gravity Batteries: any nation can do it at scale using rocks by Simon Read | posted on July 27, 2022
  • The 10 big problems with simply replacing fossil cars with electric by Schalk Cloete | posted on December 6, 2021
  • Farming Algae for Carbon Capture: new research cuts “fouling.” Scale-up in 3 years? by David Chandler | posted on June 21, 2023
  • Concrete supercapacitor: works like a battery, much cheaper, easy to make by David Chandler | posted on September 27, 2023
  • Can Aluminium-air batteries outperform Li-ion for EVs? by Helena Uhde | posted on September 8, 2021
  • EU Carbon Removal Certification Framework: new rules to turn greenwashing into genuine removals by Simon Göss | posted on May 16, 2023

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      Recent Posts

      Belgium: commercially viable Rooftop Solar for social housing. No installation subsidies, lower bills

      Concrete supercapacitor: works like a battery, much cheaper, easy to make

      Agrivoltaics: GWs of solar power from farmland using strategically placed panels (and raising crop yields)

      Industry’s EU ETS reforms and CBAM: how firms can turn the rising cost of carbon into competitive advantage

      Concawe Symposium tackles climate and pollution as RED commits fuel companies to 29% renewable content from 2030

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