Oil prices rise while supplies are uncertain

Spanish economist Pedro Aznar speculates on the factors underlying the rise in oil prices: "Speculation increases along with the uncertainty ... about whether supplies can satisfy the demand. ... On the one hand there is Nigeria ... where production has been at a standstill for months because of the internal situation. On the other hand there is Iran. The world's fourth largest oil exporter is in the grips of a power struggle with the USA, and it remains unclear whether it is using oil as a weapon. We could continue with Venezuela and Iraq. As far as the demand is concerned, however, this much is certain: the American economy will continue to be oil-intensive. With annual growth rates of around ten percent, China and India will consume more energy, raw materials and food. It seems clear that supply cannot keep pace with the rising demand."

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