03.10.2014 - Oil Prices Are Falling, Not Oil Regimes
Oil prices continued falling Thursday, dipping to levels last seen almost two years ago, despite a steady drumbeat of perilous developments from Ukraine to Iraq to Hong Kong. But for all the turmoil in oil markets, not all petrostates are panicking. Although big producers, from Saudi Arabia to Russia, rely on high crude prices to balance their budgets, the price hasn't dropped low enough, or long enough, to fiscally squeeze them just yet. Crude oil traded in New York slipped below $90 a barrel in midday trading Thursday before settling slightly higher; Brent crude traded in London fell to about $93 a barrel, continuing a plunge that began in June. Oil prices had reached $115 a barrel over the summer, at the height of the Islamic State's territorial gains in Iraq...............................................Full Article: Source
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