In Amenas attack and economic data boost crude prices

Geopolitical concerns and seasonal demand bolstered crude oil prices in January

The 16 January attack on the In Amenas gas project in Algeria, which, as Petroleum Economist went to press, claimed the lives of at least 48 hostages, cast “a dark cloud” over the outlook for the country’s energy sector, the International Energy Agency (IEA) said. An estimated 50,000 barrels a day of condensate production at the 9 billion cubic metre per year plant has been was shut in by the crisis. Brent and WTI climbed to around $112/b and $96/b respectively on 18 January, up from around $108/b and $86/b respectively in mid-December. Marc Ground, an analyst at Standard Bank, said the attack on In Amenas, jointly owned by Statoil, BP and Sonatrach, kept crude prices bolstered by the possib