Oil prices—is the worst over?
Supply-demand balances are tightening and sentiment is turning, but the next two quarters will be decisive
"Lower for longer" has been boilerplate podium-speak at industry conferences for the past two years—almost now an industry cliché. The consensus view is that whatever Opec does oil prices can't rise much beyond $55-60 a barrel, because tight oil producers will leap to the pump and smother any rally. But another rally is indeed underway and—say nervous whisperers—this one might have some staying power. On 25 September, Brent was trading in London above $57 a barrel, a 25% gain since threatening to push below $45/b on 21 June. WTI's performance has been less bullish, but the benchmark, above $50/b as Petroleum Economist went to press, has still posted a 16% rise in the same time. A pause is li
Also in this section
21 May 2024
With just a small presence from the oil and gas industry, the World Energy Council’s biennial congress gave a stark reminder of Europe’s energy priorities
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems