mardi 13 janvier 2015
OPEC’s squeeze on U.S. oil independence could succeed
Posted on 03:53 by nice news
The price of crude oil, adjusted for inflation, is at 1979 levels, having fallen by more than 50% since June 2014.
Weak demand contributes perhaps 30%-40% of the fall. In 2014, oil demand grew by around 500,000 barrels per day, below the 1.3 million barrels of growth projected earlier, reflecting slack economic activity in Europe, Japan, and emerging markets, especially China.
Increased supply accounts for 60%-70% of the decline. High prices and strong demand encouraged new sources of oil to be brought on stream. The U.S. alone has added 3 million barrels a day of new supply in just the past three years, the equivalent of adding another Kuwait to the world oil market.
Weak demand contributes perhaps 30%-40% of the fall. In 2014, oil demand grew by around 500,000 barrels per day, below the 1.3 million barrels of growth projected earlier, reflecting slack economic activity in Europe, Japan, and emerging markets, especially China.
Increased supply accounts for 60%-70% of the decline. High prices and strong demand encouraged new sources of oil to be brought on stream. The U.S. alone has added 3 million barrels a day of new supply in just the past three years, the equivalent of adding another Kuwait to the world oil market.
OPEC’s squeeze on U.S. oil independence could succeed
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