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- Oil prices have tumbled over the last two months, with Brent and WTI crude down more than 20% since June. The three Rs help explain why: recession fears, resilient Russian production, and retreating demand.
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Aug 8, 2023 · Oil and food prices have jumped in recent weeks, and wages are still growing strongly in some of the world’s biggest economies. The battle to bring inflation down is far from over.
- 50 Years of Ups and Downs
- A Pefect Storm in 2022
- What Could Ease This Shock?
Global oil production began in the mid-1800s and grew rapidly in the first half of the 20th century. For much of that time, oil majors – companies like Chevron, Amoco and Mobil that were created after the Supreme Court ordered the breakup of Standard Oil in 1911– operated effectively as a cartel, maintaining production at levels that kept oil abund...
Today, multiple factors are raising oil prices. There are three key elements: 1. Oil demand has grown more rapidly than expected in recent months as countries emerged from pandemic lockdowns. 2. OPEC+, a loose partnership between OPEC and Russia, has not raised production at a commensurate level, and neither have U.S. shale oil companies. 3. Countr...
As I see it, the key players that can help curtail this price shock are OPEC – mainly, Saudi Arabia – and the U.S. For these entities, holding back oil supply is a choice. However, there’s no evidence yet that they are likely to change their positions. Restoring the Iran nuclear deal and lifting sanctions on Iranian oil would add oil to the market,...
Apr 9, 2024 · Oil prices have climbed in recent weeks, spurred by concerns over supplies and geopolitical risks, including wars in Ukraine and the Middle East. Analysts say the momentum could carry...
Nov 16, 2023 · New York CNN — Heavy selling drove oil prices sharply lower on Thursday, marking another positive development for inflation just ahead of the Thanksgiving travel rush. US oil prices...
Feb 16, 2022 · Oil prices have since risen sharply to nearly $100 per barrel following strong economic recovery post-lockdowns. As the economy grows so does the demand for oil. Moreover, rising geopolitical tensions between Russia and Ukraine and in the Middle East are stoking supply fears.
Dec 9, 2022 · Oil prices have not soared but slipped, adding fuel to an argument made by Saudi energy minister Prince Abdulaziz bin Salman that in the face of a weakening global economy, pre-emptive cuts...
