Energy Comments
The Oxford Energy Comment is written by members of the research team and may take the form of a market commentary and reflections, or concern aspects of research in progress.
In all cases, the views expressed are those of the authors, and should not be taken to represent the position of the Oxford Institute for Energy Studies.
Joint Ventures in the Russian Offshore – Positive News but only for the Long Term
Published: 18th May 2012| By: James Henderson
The increasing maturity of Russia’s onshore fields, especially those in West Siberia, and the potential for the country’s production to go into sharp decline over the next decade has prompted the Russian government to promote offshore development as a potential solution. President Putin has encouraged his state oil company to seek international partnership to bring [...]
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Lessons from the February 2012 European gas “crisis”
Published: 16th April 2012| By: James Henderson, Patrick Heather
In February 2012, during a period of extremely cold weather across Russia and large parts of Europe, Gazprom failed to supply all the gas that was requested from it by its non-CIS customers in countries ranging from Poland in the north to Italy and Greece in the south of Europe. This situation led to concerns [...]
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Oil Markets in 2012: Calm or Turbulent Waters?
Published: 11th April 2012| By: Bassam Fattouh
To most analysts, the combination of geopolitical and economic factors constitutes a ‘perfect storm’ that will keep an upward pressure on oil the price for the rest of 2012. The purpose of this short article is to broaden the debate and consider some potential weaknesses in the dominant story. The article will highlight three main [...]
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Comments on October 2011 Guidance Issued by Treasury on Valuation of Greenhouse Gas Emissions
Published: 30th March 2012| By: John Rhys
The EU emissions trading system is failing to produce a carbon price that is efficacious in promoting low-carbon investment or a low-carbon economy. Carbon price projections from this scheme are nevertheless incorporated in the formal guidance issued by the UK Treasury to guide government departments in appraising policy initiatives and projects. The Treasury’s guidance deals [...]
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Is a Russian Domestic Gas Bubble Emerging?
Published: 26th March 2012| By: James Henderson
Recent forecasts for gas supply in Russia produced by Novatek and Gazprom highlight the large amount of gas available to meet demand in the next 10 years and also point to contrasting views about which companies’ production may be preferred in a potentially oversupplied market place. In light of this potential oversupply situation, it is [...]
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The Dubai Benchmark and its Role in the International Oil Pricing System
Published: 6th March 2012| By: Bassam Fattouh
Despite the existence of other regional crudes with a much larger physical base, more than 25 years have now passed, and most cargoes from the Gulf destined for Asia are still priced against Dubai. Nevertheless, the nature of the Dubai benchmark has evolved and many of the institutional and pricing details have witnessed major transformations, [...]
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Brent prices: Impact of PRA methodology on price formation
Published: 6th March 2012| By: Christophe Barret
Oil prices are largely formed at the junction of the financial sphere and the physical sphere. This is particularly true for the main markers, such as Brent prices. The term “Brent prices” may refer to several type of contracts (see, for example, Bossley 1999) traded by physical and financial participants. The main contracts interacting in [...]
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From Confrontation to Collaboration? CBDR and the EU ETS aviation dispute with developing countries
Published: 2nd March 2012| By: Benito Müller
This Oxford Energy and Environment Brief is the first of two papers by Benito Müller on the theme of ‘Equity and the Durban Platform’ as recently presented at the Centre for Policy Research in New Delhi. The Brief focuses on the question of how to operationalize the principle of common but differentiated responsibilities and respective [...]
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On Oil Embargos and the Myth of the Iranian Oil Weapon
Published: 10th February 2012| By: Laura El-Katiri, Bassam Fattouh
The exchange of threats between Iran and the West vis-à-vis Iranian oil exports to European and other consumer countries has received wide attention among policy makers and analysts; IMF officials predict that crude oil prices could increase by as much as 30 percent in case of a halt of Iran’s exports to OECD countries, and [...]
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Back to the Future: Electricity Market Reform Update
Published: 20th December 2011| By: Malcolm Keay
The Government has published what is called a “technical update” to its electricity market reform White Paper. This Comment by Malcolm Keay analyses the new proposals and their implications. Many important questions about the new system remain unanswered, but the overall direction is clear – towards a planned electricity system whose function is to deliver [...]
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