2011: A momentous year for oil

Featuring Richard Swann, Joel Hanley, and Simon Thorne

December 7, 2011 11:30:00 EST (13:01 mins)

As the year draws to a close, the Dated Brent crude price is at a historic average high of around $110 barrel. Richard Swann, Joel Hanley and Simon Thorne analyze the fundamental factors that have sustained these high prices, including the looming prospect of conflict with Iran. They detail how despite a superficially rosy picture for the oil industry, many of those in the shipping & European refining sectors have found 2011 to be an 'annus horribilis' with long term structural problems and Asian competition both playing key roles in their financial malaise.