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THE WORLDWIDE OIL glut should continue this year but falling prices may have bottomed out on the expectation that supplies will start to thin out next year.
The cost of the commodity hit six-year lows last month thanks to the production war between US shale oil producers and rival energy-rich nations in the Middle East and elsewhere.
The price of Brent crude fell below $50 per barrel, but it has since rebounded over 20% to above $60 a barrel.
The latest Bord Gáis Energy Index report said it looked like the cost of the commodity was going up again on news that suggested competition had peaked.
It noted 90 US oil rigs had recently been taken offline – the most made idle at once since the mid-1980s – after an earlier decision from the OPEC consortium, made up of big oil producers in the Middle East, Africa and South America, not to cut production despite a slump in demand.
This is what Bord Gáis Energy’s oil index looked like in January:
Oil peaking
The report noted US oil production had nearly reached the same heights as its peak in 1970 thanks to the country’s fracking boom.
The average petrol price in Ireland now stands at 129.9c per litre, up slightly from last months rate of 127.9c but still down about a quarter on the rates from early 2013, according to figures from Pumps.ie.
Bord Gáis Energy’s overall energy index, which measures a composite of oil, electricity, gas and coal prices, also went down to be 5% lower for the month.
Electricity also down
Wholesale electricity prices fell slightly, although they are up on the costs of mid-2014. The report said wind turbines met a “sizeable” 22% of the island’s energy demand, which brought down prices as more-expensive gas-, coal- and oil-fuelled plants were taken offline.
Bord Gáis Energy gas and power trader John Heffernan said there were still “serious concerns” about the state of the global economy despite steadying oil prices.
Several nations’ central banks have recently cut interest rates in an attempt to fend off deflation and kick-start spending, while the US and UK have shelved expected rate rises.
The combined impact of these factors will continue to be closely monitored by both consumers and producers seeking a sustainable price for energy,” Heffernan said.
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Is this a wind up ?
On the other hand I’d love to have the money to buy it
Just like and share to be in with a chance to win one.
Not for me.
I couldn’t tell my boss I was late because of my watch.
Don’t see any reason there to pay 1.1m for a watch, save the money and ask someone the time, or if you can pay that type of cash for a watch why the fu*k would you care what time it is
I honestly think a finely made watch is beautiful. I feel naked if I don’t wear one on a night out. I think a watch and ring is the only jewellery a man should wear. I do have a watch fetish but have never spent any more that 500 euro on one. Any more is just silly. But sure if you are loaded why not.
I agree family guy, I wear my watch all the time and feel naked without it.
Does it have a calculator though?
And all it does is tell the time
does it have a sexy voice..??
Ill have 2
One for each wrist?
Oh yeh. I’ll be unbalanced if i don’t
Another upstart of a company.
Established no doubt, to separate new money easterners from their cash.
Well if they’re foolish with their dollars.
Maybe they deserve to be shafted.
Your a boor.
Fact are booring.
My auld Casio will do me. Best 15euro I ever spent.
I’d rather have a Veyron.
But not the cost of running it. They would financially cripple you, which is why the vast majority of those on the market have hardly been driven.
You think the running cost is why the majority of veyrons are not driven in public…?
Skin, no, not the sole reason but almost certainly a contributory factor.
Four sprung durch technik?
Time is your worst enemy, why would you pay 1.1 Million, for a watch, and half the world’s Children starving, it beggers belief.
300 watches = 1 children’s hospital
But you can’t wear the other 299 watches on your arm now can you.
Do the ladies really judge a fella by the piece on his wrist?!
To spend that much on a watch you’d have to have a piece for a head…
It’s not what’s on his wrist that they care about, it’s the distance from the wrist to the tip of the middle finger. So shallow…
I’ve got 200 of these unwrapped which can’t be sold. Like and share to be in with a chance to win one :)
Well it would also have to bring me my tea and toast up to the bed in the morning as well if I paid that price for it!!!!!!
Does it only work when tethered to an iPhone 6?
what is a power reserve function? and how is it powered?
Looks like the strap is extra!
If I could afford this I would care what time it was
Saw a watch that cost $350,000 in a shop the other day. It’s made from authentic pieces salvaged from the Titanic! Some people…
Watch yourself….
have your say