Concerns regarding security of supply have driven Brent crude prices up 3% and US crude up 2% in the wake of recent developments. Crude oil prices have risen sharply due to the uncertainty in Iraq. Prices for Brent crude futures have risen to over $113 per barrel, the highest price for almost a year. Iraq is the second-largest oil producing … Read More
A 2013 UK Shale Gas Revolution? Unlikely.
Natural gas prices in the US have dropped by almost two thirds since they started ‘fracking’ for shale gas. Could we see a similar boost to the UK economy any time soon? Shale Gas – probably the only hope we have of producing a significant amount of useful, home-grown energy in the next decade or two. Some say it is … Read More
Libyan oil production already on the increase
Libyan rebel leaders have already called workers back into oil refineries and said pre-conflict levels of production could be reached as early as next year. The country’s Transitional National Council (TNC), recently recognised by the United States as the nation’s legitimate governing body, said damage to its oil infrastructure is not as bad as previously feared. The Libyan TNC stated … Read More
Oil price up after OPEC stalls production
The price of oil has jumped up to over $118 per barrel as OPEC is so far failing to agree on an increase in production Most of the members of the oil cartel voted against upping production levels, in an unusual show of disagreement between the nations. There are tensions within the Organisation of Petroleum Exporting Countries (OPEC), with two … Read More
High oil price affecting demand – IEA
The International Energy Agency (IEA) has said the current high price of oil is beginning to affect demand. The IEA has said the global demand for oil has been slowing over the last few months, due to very high prices. Despite their concerns, the IEA did not change it’s global oil demand growth forecast, which is at 1.4 million barrels … Read More
Oil prices at two and a half year highs
Oil prices have risen to a two and a half year high due to supply concerns and the strength of the dollar The drop in the strength of the dollar means that other commodities such as gold and silver have also risen in price. Other commodity prices are also on the increase, such as food, metal and cotton.
Japan quake increases energy price worries
What does the catastrophic record-magnitude earthquake in Japan mean to the worldwide energy industry? With the disastrous events in Japan following the record magnitude earthquake, the country has experienced some problems with one of its nuclear power stations in Fukushima. Nuclear reactors are meant to be built to withstand seismic activity, but the plant is still experiencing some significant difficulties, … Read More
Energy Secretary on UK oil dependency
Oil price rises due to middle east conflict, UK energy secretary says UK needs to become more energy independent. UK Energy Secretary Chris Huhne has called for the UK to speed up a move away from foreign oil vulnerable to factors such as civil unrest. The recent turmoil throughout the Middle East has sent the price of oil up dramatically, … Read More
Centrica in £2billion Qatar gas deal
Parent company of British Gas has landed a £2billion liquefied natural gas deal with Qatargas. Centrica have signed a new 3 year deal with Qatargas for the supply of 2.4 million tonnes per annum of liquefied natural gas (LNG), equivalent to 10% of annual UK domestic demand. Centrica have displayed some strategic ability as the deal has been struck at … Read More
OPEC decides on no cuts to crude oil output
The intergovernmental consortium has decided not to further reduce the amount of crude oil exported in fear of damaging the global economy. The Organisation of Petroleum Exporting Countries (OPEC) controls 40% of the world’s oil. The decision came at a meeting in Vienna, and it was unclear as to what OPEC would decide, given that Algeria and Libya were calling … Read More