{"id":4428,"date":"2014-08-15T14:39:57","date_gmt":"2014-08-15T13:39:57","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=4428"},"modified":"2014-08-15T14:39:57","modified_gmt":"2014-08-15T13:39:57","slug":"one-thing-learnt-week-oil-prices","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=4428","title":{"rendered":"One thing we have learnt this week &#8211; oil prices"},"content":{"rendered":"<p><a href=\"http:\/\/www.bookdepository.com\/No-Oil-Lamp-Andy-Mellen\/9780232529449\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1682\" src=\"https:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2013\/02\/NO-OIL-11-187x300.jpg\" alt=\"oil prices\" width=\"187\" height=\"300\" srcset=\"https:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2013\/02\/NO-OIL-11-187x300.jpg 187w, https:\/\/www.theoillamp.co.uk\/wp-content\/uploads\/2013\/02\/NO-OIL-11.jpg 478w\" sizes=\"auto, (max-width: 187px) 100vw, 187px\" \/><\/a>One of the big surprises of recent weeks has been\u00a0 oil prices.\u00a0 With all the turmoil throughout the middle east I would have expected oil prices to be soaring.\u00a0 Instead they are doing the opposite.\u00a0 Certainly throughout my life whenever there has been violence between Israel and its neighbours oil prices have soared.\u00a0 But apart from that consider other flash points which should have increased oil prices.<\/p>\n<ul>\n<li>There is barely any oil coming out of Libya as it slides towards civil war.<\/li>\n<li>Syria is in chaos and it has some oil, many of the oil fields are under the control of the rebels who sell it the Assad regime.<\/li>\n<li>ISIS have captured a refinery and major oil fields from the Iraqi government.<\/li>\n<\/ul>\n<p>The reason for this fall in oil prices is simple the Saudis have opened the <a href=\"http:\/\/www.telegraph.co.uk\/finance\/oilprices\/11030129\/Petrol-prices-expected-to-fall-after-Saudis-open-the-oil-taps.html\" target=\"_blank\">taps<\/a>.\u00a0 The question is how much longer\u00a0the Saudis continue to be the swing producers of last resort? There are indications from <a href=\"http:\/\/www.fastcompany.com\/1725372\/wikileaks-may-have-just-confirmed-peak-oil-imminent\" target=\"_blank\">Wikileaks<\/a> that this situation may not be able to continue much longer with very high oil prices the result.\u00a0 Remember for every extra barrel they pump now that is one less barrel they can pump in the future.\u00a0 It is also worth remembering that the IEA is relying on Iraq boosting production to meet future global demand, something that seems very unlikely to happen.<\/p>\n<p>Neil<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the big surprises of recent weeks has been\u00a0 oil prices.\u00a0 With all the turmoil throughout the middle east I would have expected oil prices to be soaring.\u00a0 Instead they are doing the opposite.\u00a0 Certainly throughout my life whenever &hellip; <a href=\"https:\/\/www.theoillamp.co.uk\/?p=4428\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[29,3,1],"tags":[34],"class_list":["post-4428","post","type-post","status-publish","format-standard","hentry","category-energy-costs","category-peak-oil","category-uncategorized","tag-oil-prices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>One thing we have learnt this week - oil prices<\/title>\n<meta name=\"description\" content=\"One of the big surprises of recent weeks has been oil prices. 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