Stories tagged with jeddah
Countdown to $200 oil: International Energy Agency says current prices justified...
Posted by Jerome a Paris on July 2, 2008 - 11:04am in The Oil Drum: Europe
Topic: Supply/Production
Tags: $100 oil, $200 oil, eia, iea, jeddah, Khursaniyah, mexico, opec, original, saudi arabia [list all tags]
It is oddly fitting that we touched $100 oil on 31 December and got halfway from $100 to $200 oil on 30 June - so we're on track to reach $200 oil by 31 December this year (in case you're wondering: +42% and again +42% from that level = +100% from the initial level). |
It is also fitting that on that same date, the International Energy Agency published one of its gloomiest ever analyses of the oil markets, asserting that oil prices are justified by fundamentals
Opus 9 of the Countdown to $200 oil series.It said: “Like alchemists looking for a way to turn basic elements into gold, everyone wants a simplistic explanation for high prices,” bluntly adding: “Often it is a case of political expediency to find a scapegoat for higher prices rather than undertake serious analysis or perhaps confront difficult decisions.”
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