After a decade in which oil was an unwelcome item on the climate change agenda, it has now reappeared on the international economic and geopolitical stage. But the oil issue is not what it used to be. There are no oil embargoes; there is not the kind of confrontation between exporters and importers that reached a climax in 1973. Supplies are not disrupted in the way they were following the Iranian revolution in 1979 and the start of the Iran-Iraq war, which took the cost of oil to around $80 at today’s prices. The International Energy Forum, just concluded in Amsterdam, was short on speciﬁcs but long in goodwill and heavy with ministerial participation. So, what are today’s oil problems?