Oil surged to the highest price in more than two years in New York and Brent crude topped USD100/barrel as a seventh day of unrest in Egypt raised concern that supplies may be disrupted (Bloomberg/AFP/The National, 01-Feb-2011). Oil for Mar-2011 delivery increased 3.2% to USD92.19 a barrel on the New York Mercantile Exchange, the highest settlement since 03-Oct-2008. Brent for Mar-2011 settlement gained 1.6% to USD101.01 a barrel on the ICE Futures Europe Exchange in London, the highest settlement since 26-Sep-2008. It touched USD101.73 on an intra-day basis. Around 2.5% of global oil production is shipped through Egypt via the Suez Canal and the adjacent Suez-Mediterranean Pipeline, according to Goldman Sachs Group. The canal has the capacity to handle 2.2 million barrels of oil a day while that of the Sumed oil pipeline is 2.3 million barrels a day, according to Goldman Sachs. Meanwhile, OPEC stated it would increase output if unrest in Egypt disrupts supplies of crude from the Middle East. Separately, Saudi Arabian Oil Minister Ali Al-Naimi stated oil prices at USD70 to USD80 a barrel are “appropriate”, adding that he is confident oil-market supply and demand are “relatively balanced”.
Oil surges to highest in more than two years
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CAPA-ACTE Global Summit, Amsterdam, 26-28 Oct. The shape of international aviation markets in 2025
This unique CAPA-ACTE Summit will explore how airline partnerships, joint ventures, new airlines and disruptive entrants and technologies will completely alter the competitive dynamic by 2025. Additionally, as new trade routes expand, many new airports and air services will also open.
The next 10 years will witness the most remarkable changes in aviation. The challenges and opportunities they bring will be of similar magnitude.
This singular event, bringing together top level representative of airlines, airports, aviation suppliers and corporate buyers, will embark on an exploration of what the airline industry is likely to face in this coming decade.
Global alliances as the airline system metamorphoses: A view to 2025
The international aviation world will look very different in a decade. The big US airlines are re-emerging from their shells as prosperity (and slow growth in their mature domestic market) prompts them to go forth internationally.
China is inevitably and remorselessly stamping its shape on global markets; the Gulf carriers continue to expand and attract the ire of those who prefer the status quo; and low cost carriers proliferate and metamorphose.
And all this while, sadly, airlines look like remaining confined to the 1940s’ archaic ownership and control rules. Within this confinement, they continue to struggle to find new ways of expanding their geography – and, in some cases, of restricting others’. International markets have another drawback. They tend to be much more competitive, in diverse ways, than nationally protected domestic markets.