IT WAS a "turbulent year" for global oil markets according to BP's Statistical Review of World Energy, published on June 13th. Libya's civil war and the Arab spring played a part in crimping supplies and prices rose by 40%. Brent crude reached its highest-ever average price at $111 a barrel for the year. Saudi Arabia and other OPEC members pledged to plug the gap but did so slowly—output hit pre-disruption levels, but only by the end of the year.
See full Article.
Friday, June 22, 2012
Another tumultuous year for oil markets
IT WAS a "turbulent year" for global oil markets according to BP's Statistical Review of World Energy, published on June 13th. Libya's civil war and the Arab spring played a part in crimping supplies and prices rose by 40%. Brent crude reached its highest-ever average price at $111 a barrel for the year. Saudi Arabia and other OPEC members pledged to plug the gap but did so slowly—output hit pre-disruption levels, but only by the end of the year.
See full Article.
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