The Week’s Energy News – 09/12/2016
This week’s energy news covers an acquisition and a host of renewable energy stories. Drax buys Opus Energy ...Read More
IHS’s CERAWeek energy conference is a big event for the energy industry. This year saw executives, analysts, academics and government officials from across the globe fret over low prices and dwindling profits.
Energy is at a turning point, said chief researcher, global oil markets and energy scenarios at IHS Jim Burkhard. Several trends coming together have shaped this environment, he added, most importantly:
There is the potential for prices to rise or to fall even further, with Burkhard talking of a range of $30 per barrel of oil to $130 per barrel. He said that two important questions will decide which way energy prices move:
At the event, many speakers seemed to agree that fossil fuel prices will stay far cheaper than they have been for the past few years. Quoted by AP, BP CEO Bob Dudley predicted that prices would be “Lower for longer”.
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(image courtesy of IHS)
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