Coal will nearly overtake oil as the dominant energy source by 2017, and only a drop in world gas prices could curb the use of the dirtier fossil fuel in the absence of high carbon prices, the International Energy Agency said.
The IEA, the energy agency for developed countries, said earlier this year that without a major shift away from coal, average global temperatures could rise by 6 degrees Celsius by 2050, leading to devastating climate change.
The fact that Saudi Arabia produces nearly 10 million barrels of oil a day is not the only reason it’s been called “the central bank of oil.” The desert kingdom has earned that designation by using that massive output to have a singular influence on the oil market for decades. Most recently, it has used its heavy hand to help keep the average annual price of Brent crude hugging $110 for each of the past three years.
LONDON — Brent oil held above US$70 a barrel on Wednesday in choppy trading as the market searched for a price floor after a nearly 40 per cent fall since June.
Trade in oil has been volatile since the Organization of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.
Russia will struggle to avoid falling into a recession if oil prices are allowed to drop to $80 a barrel — and could face calamity if prices fall below that level. Brent crude oil prices have fallen from a June high of $115 a barrel to just over $86 a barrel Wednesday. This poses a huge problem for Russia as oil and gas account for around two-thirds of total exports from the country:
London (AFP) - Global oil prices tanked Friday to fresh five-year lows, sending European stocks sliding, after a gloomy crude demand downgrade from the International Energy Agency and more weak Chinese economic data.
Alberta, which derives a quarter of its economy from the oil sands and other energy resources, is poised to grow at the slowest pace in five years as crude prices slump, ATB Financial’s Todd Hirsch said.
The western Canadian province’s economy will expand by 2.5% to 3% in 2015, about half a percentage point less than this year, the bank’s chief economist said at an event in Calgary Thursday. The slowdown follows annual average growth of 4.6% in the past four years.
(BANGKOK) — The price of oil stayed above $101 a barrel Thursday after being jerked higher by unrest in Egypt and a fall in U.S. energy stockpiles that suggests a recovery in demand. Benchmark crude for August delivery was up 16 cents to $101.40 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.64 to $101.24, its highest close since May 3, 2012, on Wednesday. Nymex floor trading is closed Thursday for the Independence Day holiday. Two events propelled the price of oil higher in the past day: unrest in Egypt and a big drop in U.S.