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Oil price in Euro

Last week the North Sea crude quoted in euro exceeded with 93.63 euro a barrel the previous peak of July 2008 at 93.5 euro.

We were used to see the barrel price in US dollars on high levels, especially since 2008 with the famous 147 US dollar historical record. But at that time, the economy was over speeding and the US Dollar was very low up to the point for some producing countries to question the use of that currency to trade their exportations.

Today the World economy has a much lower profile and the International Energy Agency predicts at best a stability of the oil consumption. In such a context, the propensity for the barrel prices to beat new high records in other currencies than US dollar such as euro and British pound pave the way for sustainable high levels, far beyond the actual tensions in the Gulf.

The capital expenditures announced by the Oil companies these last weeks for 2012 must be understood in that perspective, money will flow to support more and bigger projects ever. 

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