$100 barrel looms again
Renewables, please
OPEC is once again under pressure to boost production ahead of a winter supply crunch in northern Europe. The group decided to hike a small amount, an extra 500,000 barrels of oil a day, as of November. ” We don’t see sufficient evidence that there’s a need [for an output hike],” was how Chakib Khelil, the Algerian energy minister, explained the decision last week. “We still have a meeting [in November] and an extra meeting in December where we could make the right decision,” he added.
The market reacted as if nothing had happened: oil broke through the $80 mark on Thursday night.Speaking in Canada last week, Jeroen van der Veer, chief executive of Royal Dutch Shell, said he saw no fundamental reason why crude prices had breached such levels. “There is a lot of psychology in the price,” he said.
Van der Veer has a point, but he would no doubt admit that the era of cheap oil has been over for some time.
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