The oil flow
Our interactive map examines the world’s largest oil producers, consumers, and how oil flows around the world
Oil
Resources
Soaring demand and constrained supply has driven up the price of oil but a weakening global economy could reverse this trend
European prospectors cash in on new oil rush
Record prices are driving exploration companies to tap reserves across the continent, including old and small fields that have recently become economically attractive
Call options bet on oil hitting $200
The number of financial bets on crude oil prices hitting $200 before the end of this year have spiked almost 40 per cent since the start of May, a further sign of growing concern that oil prices will continue to rise sharply in the near term
Oil and corn hit record high
Crude oil and corn prices surged to record highs as the world’s hunger for fuels continued to convulse the energy and agriculture markets
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Interactive
Chart crude
Track the price of crude and compare it with other commodities and global stock market indexes.
OPEC
Opec rejects calls for more oil
The cartel rebuffs US and European calls to raise the supply and rein in prices, saying that stocks are in ‘good shape’ and demand is set to soften in the coming months
Insight: Opec’s policies will ensure oil price volatility
Growing price volatility for crude oil stems directly from Opec’s increased importance in balancing energy markets
Comment and Analysis
The oily truth about America’s foreign policy
In 1973 the US imported 33% of its oil; today it imports about 60% and this figure could rise to 70 per cent by 2020. US politicians have, so far, responded to this problem with a mixture of wishful thinking and anger, writes Gideon Rachman
Living in a world of $200 oil
Another doubling in oil prices is about conceivable. It would cause serious economic disruption, global tension and currency crises for some poor nations
Preparing for the age of peak oil
Russia has much to gain by exploiting western expertise and technology. Foreign firms will compete fiercely for opportunities. But if it drives them out, Russia will be unable to revitalise its decayed supply network
Russia braces for oil output decline
Lukoil executive says huge investments are needed to tap new fields and mitigate the loss from declining ones
Rosneft
What’s not to like about Rosneft? The Russian company is one of very few majors worldwide capable of extracting oil cheaply, increasing production volumes and generating oodles of cash from it
Analysts differ about commodity bubble
In spite of disagreements, it is clear that investor interest in commodities is skyrocketing, prompting questions about what is behind the surge and its impact on record prices
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