Energy security cuts both ways, we are told. It is not only the gas-guzzling American motorist who needs comforting, but also the bloated petrocrats of the Gulf. At the Opec summit meeting in Riyadh this weekend, the talk will not be of supply insecurity, but of demand collapse. Even as truckers threaten mass meetings in Britain to protest about the price of diesel, the risk is seen on the downside from the perspective of the producers. Algerians attending the Rome World Energy Congress this week were less than impressed by the screeching about $100-a-barrel oil and shortages. “What do you think the American economy will be doing next year?” was the comment of Chakib Khelil, the Algerian Oil Minister. “If there is a recession, then we won’t have a supply problem.” No need to pump more crude, then. Read More
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