March 19, 2012
Understanding the New Price of Oil
Gregor Macdonald, Energy Bulletin
In the spring of 2011, when Libyan oil production -- over 1 million barrels a day (mpd) -- was suddenly taken offline, the world received its first real-time test of the global pricing system for oil since the crash lows of 2009. Oil prices, already at the $85 level for WTIC, bolted above $100, and eventually hit a high near $115 over the following two months. .
TAGGED: energy outlook, oil shock, OPEC, oil prices, global oil market, Energy Bulletin