Financial markets and the Organization of Petroleum Exporting Countries are repeating their 2008 mistake in assuming the world can live with $100/bbl oil, said Olivier Jakob at Petromatrix, Zug, Switzerland.
The report by a presidential commission studying last year's Macondo well disaster in the Gulf of Mexico calls for overhaul both of the oil and gas industry's safety culture and of offshore regulation.
Stronger-than-anticipated global demand apparently is the main reason crude oil prices began to rise late in 2010, four experts suggested. Growth in China has been particularly robust, they agreed.
The US Energy Information Administration anticipates that global crude oil markets will tighten over the next 2 years as annual consumption grows by an average 1.5 million b/d and growth in supplies outside the Organization of Petroleum Exporting Countries increases less than 100,000 b/d yearly, EIA said in its latest Short-Term Energy Outlook.
The National Transportation Safety Board issued seven safety recommendations, six of them classified as urgent, as a result of its investigation of the Sept. 9, 2010, natural gas pipeline rupture and explosion in San Bruno, Calif., which killed eight people.
Talisman Energy Inc. plans to hike production and reserves in the Montney, Marcellus, and Eagle Ford shale plays in North America and will explore for shale gas in northern Poland in 2011.
