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There is pressure on both sides of the equation. The supply is high because of shale oil and Iran. On the other hand the growth projections for economies, deman
by anu7df 11y ago
There is pressure on both sides of the equation. The supply is high because of shale oil and Iran. On the other hand the growth projections for economies, demand side, has not materialized. So yes. Oil price is low AND the economy is tanking. The simple narrative of wherever oil goes etc does not really work any ways, mostly because oil industry and associated industries is a big part of the economy.
- spangry 11y agoNot to mention the fact that its production is, at various times: a) The result of cartel manipulation (OPEC) b) A tool of economic warfare (ISIS), and punishment (Russia) Unfortunately both of those are happing at the same time as well.