Political unrest across the Arab world led to huge losses in oil and gas production (photo: dpa)

How the energy market adjusted to the seismic events of 2011

Fears of major volatility, or even a possible collapse, in the world energy market following the natural disasters and political turmoil of 2011 have proved unfounded. Instead, market adjustment did its work, according to BP’s latest Statistical Review of World Energy, <i>Energy in 2011: disruptions and continuity</i>.

BY ANY standards, 2011 was an eventful year which could, potentially, have had crippling effects on the world energy market.

Political unrest across the Arab world, particularly in Libya, Yemen and Syria led to a total loss of 72Mtoe (million tonnes of oil equivalent) in oil and gas production, equivalen...

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Dr. Carole Nakhle
While for most of 2011, oil demand was well ahead of supply, global production this year has so far exceeded consumption by a large margin
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