OPEC Pressured as African, Asian Oil Tops $100: Energy Markets
Bloomberg, Jan 20
OPEC is facing growing calls to boost oil production as crude prices in Asia and Africa surpass $100 a barrel for the first time in two years.
Bernstein Energy: Conference Call Transcript – Key Themes or 2011 and Bernstein’s Best Ideas
Bernstein Research, Jan 21
As we start 2011 we see a number of key themes that can help drive higher earnings in the energy sector over the next few years. On the oil price, we see improving economic data driving oil demand ahead of consensus expectations. Combined with limited supply increases, this should lead to reduced spare capacity and a rising oil price out to 2015, when we expect to see $130 oil.
BP releases Energy Outlook 2030, sees greater dependence on OPEC for oil supply
Industrial Fuels & Power, Jan 20
The report is striking in the emphasis it places on developing countries for future energy demand growth and the expectation that OPEC will gain in power over the international oil markets as non-OPEC production declines. According to the report, non-OECD energy consumption will be 68% higher in 2030, averaging 2.6% annual growth from 2010, and will account for 93% of global energy growth. It puts renewables in the lead in terms of growth, at 8.2%, followed by natural gas at 2.1%. By comparison, oil’s share of primary energy is expected to continue to decline. While fossil fuels presented 83% of the growth in energy over the 1990-2010 period, BP believes that this figure will fall to 64% over the next two decades.
Emerging Economies to Lead Energy Growth to 2030 and Renewables to Out-Grow Oil, Says BP Analysis
BP, Jan 19
World energy growth over the next twenty years is expected to be dominated by emerging economies such as China, India, Russia and Brazil while improvements in energy efficiency measures are set to accelerate, according to BP’s latest projection of energy trends, the BP Energy Outlook 2030.
Highlights of the latest Oil Market Report
International Energy Agency, Jan 18
Global oil product demand for 2010 and 2011 is revised up by an average of 320 kb/d on higher-than-expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 mb/d in 2010 (+2.7 mb/d year-on-year), rises by 1.4 mb/d to 89.1 mb/d in 2011.
This Week In Petroleum
U.S. Energy Information Administration, Jan 20
Crude oil prices have risen to over $90 per barrel fueled by world petroleum demand growth, particularly in non-Organization for Economic Cooperation and Development Asian countries such as China and India, and other factors. As highlighted in the Energy Information Administration’s (EIA) most recent Short Term Energy Outlook (STEO) and last week’s This Week In Petroleum, EIA expects continuing tightening of world oil markets over the next two years, keeping upward pressure on crude oil prices.
Over a barrel: Crude oil & policy
Economic Times, Jan 21
Many analysts say oil prices could rise further. The Opec, which represents the leading oil producers, says the global oil market is well supplied, and blames speculation for high prices. But the International Energy Agency , which was set up by the developed countries in response to skyrocketing oil prices in the early 1970s, says current oil prices are at an “alarming” level and can dent economic recovery.
Higher oil price empowers Iran, blunts sanctions
Reuters, Jan 20
Oil’s ascent towards $100 a barrel, which OPEC blames on western financial speculators, has handed Iran a windfall to help contain domestic discontent and take the sting out of sanctions designed to squeeze its economy. Tehran’s financial room for manoeuvre is likely to expand, while oil prices are expected to stay firm following a rally that earlier this month took it to its highest level since October 2008. “A particular challenge for the United States is that rising oil prices undermine policy on Iran,” said Simon Henderson, of the Gulf and Energy Policy Program at the Washington Institute think-tank.
Brown blames speculators for rising oil prices
Columbus Dispatch, Jan 20
If you want to blame somebody for high fuel prices, take a look at investors who speculate in oil futures.That is Sen. Sherrod Brown’s response to $3-plus-per-gallon gasoline. At a Downtown gas station today, the Ohio Democrat called on a federal panel to crack down on hedge funds and other investors that he thinks are manipulating oil prices.
Mexico Sees 2011 Drop In Oil Output Before Rebound
Dow Jones, Jan 21.
Mexico’s crude-oil production is likely to dip slightly this year to 2.567 million barrels a day on average, but rebound in 2012 to end a seven-year slide, according to an Energy Ministry report.