November 2014

Lower oil prices cut two ways for US economy

Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country cannot store the output it would otherwise export.

Demand for Russian gas is still there

The real threat for gas in Europe does not come from Russia, but from internal mechanisms that keep giving an edge to coal.

Oil and currency markets reflect expectations for lower global economic growth

Gazprom and Petrovietnam discuss future cooperation in oil and gas sector

Global energy demand is set to grow by 37% by 2040 in our central scenario, but the development path for a growing world population and economy is less energy-intensive than it used to be.

North Sea Brent crude oil spot prices averaged $87/bbl in October, a decrease of $10/bbl from September and the first month Brent crude oil prices have averaged below $90/bbl since November 2010.

Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d)

Brent crude prices will average $83/barrel in 2015, $18/barrel lower than last month’s outlook for 2015.