Sometimes seemingly marginal corporate decisions have worldwide ramifications. Total, the French energy group, has raised its expectations for the medium-term price of oil. It’s not the only one. As oil majors raise expectations for the future price of crude, they will have a bearing on the relationship between the West and the Muslim world and efforts to stem the rising temperature of the planet. Projects that were economically unfeasible at $30 a barrel now look lucrative. The higher reward makes the risk of venturing into places such as Iran and Iraq more palatable. It also makes economic sense of previously unconventional investments, such as oil sands projects. By turning to unconventional oil assets, the world is signing up to burn, potentially, double the hydrocarbons that are currently available in conventional oil fields.

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