So, overnight, the world has another 29 billion barrels of oil after Iraq decided to upgrade its proven reserves from 114 billion to 143 billion barrels based on new evaluations of West Qurna and Zubair fields in the south. That’s pretty much an entire year of global demand right there. Although the details are a more »
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Berlin, Germany - The US and Israel are threatening to bomb Iran, and, even without and before that, petrol prices are nudging back towards the historic highs of 2008. Brent already stands at $125 per barrel, and we know from the last commodity boom that it can't go much higher before a lot of poor people get hurt - because we now understand the linkage between high fuel prices and high food prices that afflicted hundreds of millions of people around the world in the middle of the last decade. In such times, even if you follow the cut and thrust of energy politics, you might think news of a public consultation this month by the International Monetary Fund (IMF) on how they should advise governments around the world to tax oil and natural resource economies is a little marginal.