Looking beyond black gold
Commentators and conspiracy theorists are hyperventilating over falling oil prices, but they need to see the bigger picture
Oil prices are falling from near historic highs. Last month alone prices fell almost 40 per cent. At the start of this year Brent Oil was over $100 a barrel. Today it’s closer to $65, with some analysts predicting further falls to $40 a barrel. This limit is very close to at-cost production levels for many countries, particularly those with deep well systems and offshore delivery platforms.
Producers who just pulled oil out of the ground at $85,...
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