31.08.2015 - China’s Economic Slowdown Hurts Oil Market
The 2015 budgets did take account of the near halving in the previous year of oil prices which had remained broadly stable at $110 a barrel between 2010 and 2015. When the oil price halved past year, from $110 to $55 a barrel, the cause was obvious: Saudi Arabia’s decision to increase its share of the global oil market by expanding production. Reports earlier this week suggested that Venezuela was seeking an emergency OPEC meeting to discuss strategies about overturning the collapse in prices, which has hit the South American country quite hard. The country suffers from “operating difficulties at existing, mature oil fields”, according to the U.S. Energy Information Administration...............................................Full Article: Source
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