Oil Prices Plunge As Production Rises, Fueling Concern In OPEC -- Washington Post
The rollercoaster ride of oil prices is speeding downward, carrying with it bickering members of OPEC, anxious U.S. shale oil producers and a Russia that relies heavily on petroleum revenues.
With a weak global economy, the customary swing producer of oil — Saudi Arabia — has cut prices instead of cutting production, setting off a scramble on world markets. Crude oil prices have tumbled more than 23 percent since June, including a more than 4 percent drop Tuesday. Prices fell below four-year lows to wind up at $81.84 a barrel for the benchmark grade, West Texas Intermediate.
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More News On The Collapse Of Crude Oil Prices
Crude Crashing: Brent Is Most. Oversold. EVER -- Zero Hedge
Oil rout unrelenting, hits $86 on dim demand view, rising shale -- Reuters
Oil prices continue to slide on IEA report -- BBC
Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide -- Reuters
Bad News For U.S. Drillers As Saudis Signal No Cuts To Oil Output -- Forbes
Saudi billionaire Alwaleed warns over impact of falling oil price -- Financial Times
My Comment: The biggest impact on falling crude prices will be on these three countries .... How falling oil prices are squeezing Russia, Iran, and Saudi Arabia (Brad Plumer, VOX)
1 comment:
WSJ has articles behind the paywall, and Zero Hedge has covered it, but Saudi Arabia is deliberately overproducing, to "force" the West to topple Assad.
Low barrel prices makes about half the fracked shale oil and gas production, uneconomic.
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