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Jan 18, 2018 · The 2014-16 collapse in oil prices was driven by a growing supply glut, but failed to deliver the boost to global growth that many had expected. In the event, the benefits of substantially lower oil prices were muted by the low responsiveness of economic activity in key oil-importing emerging markets, the effects on U.S. activity of a sharp contraction in energy investment and an abrupt ...
Jul 18, 2017 · The decline in oil prices in 2014-16 was one of the sharpest in history, and put to test the resilience of oil exporters. We examine the degree to which economic fundamentals entering the oil price decline explain the impact on economic growth across oil exporting economies, and derive policy implications as to what factors help to mitigate the negative effects. We fi\fnd that pre-existing ...
- Francesco Grigoli, Alexander Herman, Andrew J Swiston
- 2017
That meant that the price of petroleum did not change as much in Asia and Europe as in the United States. If the WTI price of petroleum declined from an average price of $105.79 a barrel in June 2014 to $47.22 a barrel in January 2015, then the WTI price in euros went from an average price of €77.82 in June 2014 to €41.44 in June 2015.
- 810KB
- 7
latter could partly explain why the oil price plunge failed to provide the anticipated boost to global activity. 2.1 U.S. shale oil production A surge in U.S. shale oil production was one of the main drivers of the global oil supply glut that preceded the price collapse in the second half of 2014. While U.S. shale oil represents less than 6
Oil Demand Robust and Responds to Low Oil Prices Global Oil Consumption, y/y change, kb/d Oil demand has been stronger than initial expectations in 2015 driven in part by cheaper oil prices; latest data suggest growth is slowing down, but for 2016, oil demand growth is still expected to be above 1 mb/d-- 500 1,000 1,500 2,000 2,500
1985/86 & 2014/15 Real oil price (US dollars per barrel, constant 2014 prices) Source: World Bank, Bloomberg. Note: The latest observation is August 2016. The nominal price is deflated by the US CPI. Oil Price Collapses - 3: After a Period of High Prices 15 0 30 60 90 120 150 Jan-65 Jan-75 Jan-85 Jan-95 Jan-05 Jan-15 Both came after a period of ...
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Why did oil prices collapse in 2014-16?
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Since 2012, net energy imports have been in the range of 6-7 percent of GDP (World Bank 2015d). A 45 percent decline in oil prices would improve the current account balance by some 1.7 percent of GDP and, taking into account fuel taxes, could reduce headline inflation by 1.4 percentage point.
