The Oil Price Plunge
Global oil prices have fallen sharply over the past six months, leading to significant revenue shortfalls in many energy exporting nations, while consumers in many importing countries are likely to have to pay less to heat their homes or drive their cars.
Global oil prices have fallen sharply over the past six months, leading to significant revenue shortfalls in many energy exporting nations, while consumers in many importing countries are likely to have to pay less to heat their homes or drive their cars.
From 2010 until mid-2014, world oil prices had been fairly stable, at around $110 (£68) a barrel. But since June prices have almost halved. Brent crude oil has fallen below $60 a barrel for the first time since July 2009 and US crude is below $55 a barrel.
TumugonBurahinThe reasons for this change are twofold - weak demand in many countries due to insipid economic growth, coupled with surging US production.
Added to this is a determination by the oil cartel Opec that it is not going to prop up prices by cutting production.
So who are some of the winners and losers?
Brent $33.55 lowest in 11 years! oil and gas business is getting bleak...
TumugonBurahin