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Page added on February 13, 2012
Bahrain Favors Crude Oil Prices at $100 a Barrel
Bahrain’s energy minister said he would prefer oil prices to remain close to current levels, which allow producers to invest in output capacity without putting economic growth in the west at risk.
Prices of $110 a barrel or more may “derail recoveries in a number of fragile Western economies,” Abdul Hussain Ali Mirza said yesterday in an e-mailed response to questions. Bahrain is a member of the Gulf Cooperation Council, along with Saudi Arabia and the United Arab Emirates.
“Bahrain, along with the other producers within GCC prefers to see the prices return to more reasonable levels, say around the $100 a barrel range,” the minister said. “Such prices would ease the West out of the economic problem and at the same time would incentivize the producing nations to invest in the necessary infrastructure to increase their producing capability.”
Brent crude averaged about $112.73 a barrel this year on the ICE Futures Europe exchange in London, while West Texas Intermediate futures traded at an average of $99.68 on the New York Mercantile Exchange in the same period.
Bahrain, the smallest oil producer in the Persian Gulf, is seeking to boost output of both crude oil and natural gas. Bahrain Petroleum Co., the state-run refiner, increased production to a monthly record of 271,300 barrels of oil a day in November, topping the previous record of 270,300 barrels in May 2008, Mirza said.
5 Comments on "Bahrain Favors Crude Oil Prices at $100 a Barrel"
BillT on Tue, 14th Feb 2012 1:48 am
Remember when their ‘reasonable level’ was $70? Then $80. Now $100. How long do you think it will last in a world where prices are going up by double digits annually? The November elections? I see $150+ oil by next year…are you prepared?
Isaiah on Tue, 14th Feb 2012 6:35 am
BillT, how long have you been following peak oil for? I’m curious because I found out about peak oil about a year ago. By the way, I’m 21 years old and from Texas.
BillT on Tue, 14th Feb 2012 3:48 pm
Hi Isaiah. I’m 67 and currently living in the Philippines after 63 years of living in the US. Peak oil? Well, off and on since the 70s but I really got interested in it when I was doing research for my SF novel that takes place in 2040. I was trying to figure out what the world might be like in that year and spent thousands of hours reading everything I could find on the internet and in recent books over the last 6 years or so.
It took a lot of thought to sort out the wheat from the tares so to speak. So much BS out there posing as true facts. Logic tells me that there are several possibilities, but they are all only different by a few years to decades. All easily within your lifetime, and probably mine. None will allow us to continue you on in this direction for much longer.
BillT on Tue, 14th Feb 2012 3:50 pm
Plz. Excuse extra ‘you’ in the last sentence of my comment above. Tired. It is midnight here. ^_^
Kenz300 on Tue, 14th Feb 2012 4:40 pm
The price of oil continues to rise. Only a recession/depression will reduce demand enough to make a substantial drop in prices. China and India’s growth and increasing use of oil are the driving force on the demand side of the equation.
Will these higher prices begin to change consumer behavior? Will individuals, business and political leaders begin to plan for a world of higher prices and reduced supplies? Higher oil prices are usually followed by a recession as energy drives the worlds economy.