Inside Story - What's behind the falling price of oil?
Economy | Information | History | Online | Facts | World | Global | Money
With too much global supply and the lowest price in nearly 20 years - there's anxiety about a possible oil market meltdown. US crude prices fell below $30 a barrel on Tuesday, before settling down, but only a bit. While most major oil companies are slashing their budgets and jobs, some of the biggest oil companies like Saudi Aramco have not cut back on production. And some OPEC states, like Iran and Iraq, are looking to increase production. In the past year, the price of a barrel of oil has fallen by more than 50%. The highest price in the last 12 months was $110 a barrel. Some investment bankers are now warning that oil could crash to $10 a barrel. So, what's behind the falling price of oil and what does it mean for consumers? Presenter: Peter Dobbie Guests: Cornelia Meyer - CEO of Meyer Resource, A Macro-Economic and Energy Policy Advisory. Bismarck Rewane - Managing Director of the Financial Derivatives Company. Mamdouh Salameh - International Oil Economist and Consultant. - Subscribe to our channel: http://bit.ly/AJSubscribe - Follow us on Twitter: https://twitter.com/AJEnglish - Find us on Facebook: https://www.facebook.com/aljazeera - Check out our website: http://www.aljazeera.com/
Comments
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I really hope I'm around to see the demise of America, once the oil goes they go too! Classic!
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The Dollar is called the Petro Dollar because it is no longer backed by Gold and its only strength is that Saudi etc Sell their Oil in Dollars. Saddam started to sell his Oil in Euro's
Gaddaffi was about to start using a Gold Backed "African Dinar" - Were are they now? If the Arabs stopped selling Oil in Dollars it would be WW3 as everyone and the dogs in the street know the American Dollar would disappear. That's simply the brutal Reality -
I pray that the current oil glut is strong enough to derail the fracking industry in the U.S. Scientists are telling us that the U.S. is heading for a colossal drought, and we're poisoning the ground water. Please, God, make this fracking stop.
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Yeah cheap gas is really gonna hinder my life style
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Only the African fella who is not talking like a programmed computer.
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Only the African fella is not talking like a programmed computer.
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Tesla is happy.
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Oil should drop to 30 dollar a barrel.
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We made an automatic lubrication system project in our final year. Plz have a look at it on my youtube channel
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The guy on the left this chin is mesmorizng
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Niggergeria man needs subtitles..i could not understand what he said sir!
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Ask the Rothschilds and the Rockefellers why
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It reached 50 US-$ for a barrel Brent again now, OPEC got another member with Gabon... The 2nd new/old member in 7 months, in December 2015 first Indonesia returned (altough they left 2008 saying they are now a net oil importer... and this got worse until December 2015 with a bit below 50% of the oil needed came from Indonesia with its ~255 to ~260 million population!
In June 2016 Gabon returned after a 22-year break (1975–1994, 2016). At least Gabon is a permanent EXPORTER, since it is really crazy to take Indonesia which produces quite much barrel (900,000 to 950,000 usually right now) but needs much more, I guess the oil Indonesia will buy in the future will be to 99%+ from OPEC^^ Since they fight for market shares there, never thought about it, but this might be even a reason since Indonesia seems to have a few decades of strong population growth and economic growth in the next years (country with most moslems, that is one reason for high birth rates, migrants leaving the countries are there but only some... Indonesia just started heavy coal mining since China "around the corner" imports Australian coal already for a very very long time,
Gabon... It is just like Equitorial Guinea, a very very small country, people live mostly in poverty on rural base with 1 a bit larger capital, and I think together the whole country gots around ~1.7 million population only, increasing, especially in rural areas, the life or incomes are a bit better than in most other neighboor "black africa" states... but only very very few really make good cash in production of 200,000 to 225,000 barrels.... Eq... Guinea is also such a state, created only once as old colonies to divide the oil between many countries, same like with Saudi-Arabia, the King back than took Mekka and Oman, United Arab Emirates and maybe even parts of Kuwait and Iraq/Iran could be his target, just too increase the area and only few years later they would realise they hold over half of the worlds easy and cheap to produce oil reserves in the early 1950's :D
OPEC tries to defend market shares with discounts... but China is weakening and gets the Western "Babyboomer"-Problem, only we have no "1 child policy", the demographic change in China is the result of this, and that is why India will be No. 1 soon, they just reached 1.3 billion population in India in the last days, while China has 1.411 billion, but in numbers and in per cent has a smaller growth already yet...
There is more tan enough oil, but is the price to high there is production from very much areas and OPEC loses again market shares...... -
"Nigeria such a big big producer of the black stuff"....lol
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These "experts" know nothing... Only the black guy.
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Oil went down because the US,UK & O.P.E.C fixed it! Putin had to suffer after upsetting the Ukraine with his silly move - Russia must behave & understand the Western countries are in charge of world power!!!
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5:00 this goofy guy's nutz are obviously tied in a noose , that will yank HARD and give him BlueBalls if he answers the interviewer's questions with "the wrong answers".
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all the selfish oil companies need to go bankrupt
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If the oil market melts down, does it make electric cars finally cheaper than gas cars?
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Maybe the prices are falling in the US but here in Serbia we have the highest price anywhere for that matter. 1.50$ for 1 liter
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