Global: The price of oil

The opportunities for international oil companies (IOCs) to acquire new reserves are narrowing considerably, states this report from Oil Change International and Greenpeace. The companies have met this challenge with the development of technology and engineering that has enabled oil production in technically difficult locations and conditions. But the development of these resources, especially the offshore Arctic, Canadian tar sands and other unconventional oil such as oil shale, is significantly dependent on failure to adopt and implement effective policy to prevent climate change rising above the critical 2ºC mark, a stated aim of most of the world’s governments, says the report.