Industry at a glance
Crude oil prices rose to a 15-month high in early January as a result of very cold winter temperatures in much of the Northern Hemisphere and escalating geopolitical tensions in key oil producing countries.
Crude oil prices rose to a 15-month high in early January as a result of very cold winter temperatures in much of the Northern Hemisphere and escalating geopolitical tensions in key oil producing countries. At their peak, prices had jumped by about $10–12/bbl from December lows, though they have since eased. Global supply rose 270,000 bpd in December to 86.2 million bpd on higher output from both OPEC and non-OPEC producers. IEA forecasts that non-OPEC liquids output, including biofuels, will grow 0.2 million bpd this year over 2009, driven by rising supply in Brazil, the FSU, Australia, Colombia and India.
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