
10 June 2009 - Recently, oil prices reached a six-month high of more than $70 a barrel, almost doubling from last December's low. This is after prices had fallen over 60 per cent from a high of US$147 per barrel in July 2008. Even with oil relatively cheap, the current economic crisis is keeping global oil demand low and supplies high. Oil analysts have been warning that the low price of crude oil could lead to an underinvestment and cause a future supply gap. The International Energy Agency (IEA) has recently reported that “…there is a real danger that sustained lower investment in supply in th ...
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