A SENIOR energy trader has predicted that the price of a barrel of oil will remain above $100 throughout 2012.
Marco Dunand, chief executive at Mercuria Energy Trading, said strong demand from developing nations and ongoing tension over Iran’s nuclear programme meant the market would remain buoyant for the next 12 months.
He said that $100 a barrel would be the floor for Brent crude unless the Organisation of the Petroleum Exporting Countries decided to increase supply. He added that should major conflict between Iran and the US and UK lead to the Middle East country closing the Hormuz Strait – the passageway for around 40% of the world’s oil supplies – the price could jump to $150 a barrel, but he described the scenario as unlikely.
Oil service and technology firm AGR said its Aberdeen-based consultancy division would double its workforce in the Falklands for work on the Leiv Eiriksson rig.
The firm said it would have 50 people supporting Norwegian-owned AGR’s well-management business from this month.