17.12.2014 - Ticking time bombs: Where oil's fall is dangerous
Lower oil prices are good for some countries, and bad for others. But there are a handful of oil-dependent economies where things could get especially ugly. Crude prices were lower Tuesday after OPEC repeated its refusal on Monday to cut oil output despite fears of a looming glut and a UAE official rebuffed calls for an emergency meeting to fix prices. The recent stance marks an about-face from the cartel's decades-old policy of tightening supplies in order to support prices. Since peaking at just over $100 a barrel this summer, prices have fallen by more than 40 percent, including a slide last week that wiped out about $8, or more than 10 percent............................................Full Article: Source
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