$100 oil defies the economic outlook


	$100 oil defies the economic outlook

JICWyllie

1-3-2008 12:53 PM

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tags:

energy, oil, i-price, i-decrease, i-forecast

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/df347445-0101-4476-b0ad-54e81a943482/2BD46CFF-82B3-4B54-A133-2873D0903CC9/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html" href="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html" style="font-size: 11px;">blogs.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html">Yet while that combination of forces sent oil from $60 a year ago to $100 today, it is hard to see it being sustained, at a time when the outlook for the world economy, and <A href="http://www.ft.com/cms/s/0/8fc8a006-b969-11dc-bb66-0000779fd2ac.html">in particular the US</A>, is so troubling. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html">China attracts the attention in terms of the oil market, because it is the biggest source of demand growth, but the consumption of China and India together is less than half that of North America. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html">The latest <A href="http://www.businessweek.com/ap/financialnews/D8TTS9580.htm">warnings</A> about Opec's long-run supply potential, published in Opec's own review, are sobering, and suggest a future of tighter supplies and higher prices. But in the near term, it looks likely that demand for oil will take a hit - partly, of course, as a consequence of the high price - while supply is rising, and in the months to come we will see a retreat from $100. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.ft.com/energyfilter/2008/01/100-oil-defies.html"> Today's Lex column takes a timely pop at<A href="http://www.ft.com/cms/s/1/56ba9704-b916-11dc-bb66-0000779fd2ac.html"> peak oil theorists</A>, pointing out that while Marion Hubbert was right about the US, he was way off on his predictions of world output</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/2BD46CFF-82B3-4B54-A133-2873D0903CC9/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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