CRUDE oil hitting US$100 per barrel is negative for global economic growth, said oil expert Daniel Yergin, chairman of IHS Cambridge Energy Research Associates on Monday.

‘The consensus says US$60 to US$80 is a doable price, it doesn’t put a
burden on the world economy at a fragile time, and maintains a
consistency in investment,’ Dr Yergin told reporters on the opening day
of the Singapore International Energy Week held at Shangri-la hotel.

Also, rising oil prices in recent months reflect a weak greenback and expectations of a strong recovery.

‘The price doesn’t really reflect the supply and demand fundamentals,
which is now seeing weak demand, with high levels of storage and
capacity,’ he said.

Speaking at the Singapore Energy Lecture to a 500-strong audience, Dr
Yergin also noted that while the last century was the ‘age of oil’,
this has now given way to the ‘century of energy innovation’.

Source: Straits Times

Search to find what you want

• Stable oil prices should not breed complacency

    Oil company executives should not get too complacent about how oil prices settled in the $70-$80 a barrel range over the last several months as the economic recovery has yet to catch up, the head of consultancy IHS Cambridge Energy Research Associates warned ahead of the CERAWeek conference next week.

• CERA sees oil, gas costs for construction of valley

    Costs to build oil and natural gas production facilities appear to be reaching a bottom after they declined sharply this year, according to consultancy IHS Cambridge Energy Research Associates. IHS CERA’s index of upstream capital costs, which measures costs to build the production sites, declined by 4 percent over the

• OPEC joins consensus forecast rising oil demand and higher prices in 2010

    In its monthly report for November, OPEC predicted a slight rise in global oil demand for 2010, citing as a cause the world’s economic recovery and, in particular, growth in emerging Asian economies including China and India, according to an Oil & Gas Journal article published on Wednesday. OPEC’s report

• NatGAS giants who are still on the U.S. Shale Shock

    The world’s energy titans are only starting to get a grip on the surge in the unconventional production of shale gas that has postponed for years the United States’ expected emergence as major natural gas importer. The prediction that the United States would soon become a big buyer of ship-borne liquefied natural

• UAE energy chief says current oil price u0026quot for enlargement

    The UAE’s energy minister has said that the current oil price is “good” for plans to expand projects and build up capacity. In an interview with TV’s Dubai One, Mohamed Bin Dhaen Al Hamli, said it was important for the country to increase capacity to meet future surges in demand.

• Oil prices could hit U.S. $ 190 per barrel if the current usage patterns continue: IEA

    World energy demand is expected to grow by some 40 per cent from between 2007 and 2030. This is the forecast given by the International Energy Agency in its latest world energy outlook.

• U.S. less on oil for energy, which left from 2035: Government

    U.S. oil demand through 2035 is not expected to return to the peak levels reached before fuel consumption fell sharply due to high petroleum prices and the recession, the government’s top energy forecasting agency said on Monday. U.S

• Saudi Arabia sees $ 75 as a sustainable price for oil

    Saudi Arabian Oil Minister Ali Al Naimi said $75 (Dh275) a barrel was a fair price for oil and he saw no need for the Organisation of Petroleum Exporting Countries (Opec) to change production ahead of the group’s next meeting in December, according to a transcript of an interview with

• Saudi Arabia sees $ 75 as a sustainable price for oil

    Saudi Arabian Oil Minister Ali Al Naimi said $75 (Dh275) a barrel was a fair price for oil and he saw no need for the Organisation of Petroleum Exporting Countries (Opec) to change production ahead of the group’s next meeting in December, according to a transcript of an interview with

• Gas prices set to drop: expert

    A well known energy executive and institutional investor said the natural gas prices are set to come down. In a statement, Karl W Miller, a senior energy executive and institutional investor, said expectations for natural gas to correct to the $2.50 to $2.75 mmbtu price range and will continue getting cheaper, as

• TISCO plans steel price of U.S. $ 15-29 per ton advance

    Traders said that TISCO will adjust up the prices of 304 series and 430 series of stainless steel by 200 yuan per ton (U.S.$29 per ton ) and 100 yuan per ton (U.S.$15 per ton ) respectively.

• Energy demand growth of 40% in 2030 times

    The demand for energy is expected to grow up to 40% by 2030, RasGas vice-chairman HE Ibrahim B Ibrahim (pictured) has said. The energy sector has seen a drop in demand as a result of the global financial crisis, he said at the recently concluded International Petroleum Technology Conference

• Brazil calls for more control over its oil under the Seas

    Faced with the world’s most important oil discovery in years, the Brazilian government is seeking to step back from more than a decade of close cooperation with foreign oil companies and more directly control the extraction itself. The move is part of a nationalistic drive to increase the country’s benefits from

• Report: oil demand reached in 2005 for the West –

    An international energy think tank says oil demand in developed countries likely peaked in 2005, well before the recession sent crude prices plummeting. IHS Cambridge Energy Research Associates said Tuesday that oil consumption started to slump four years ago as consumers bought more efficient vehicles and countries expanded their use of alternative fuels

• Crude oil as U.S. Consumer Sentiment Drops Unexpectedly

    Crude oil declined for the first time in three days after a report showed that confidence among U.S. consumers unexpectedly dropped this month.