Main Factors That Are Dragging Global Oil Prices Down

Monday, February 15, 2016
By Paul Martin

Over the last two years, global oil prices have dropped by nearly two-thirds. Here is a list of the main factors which have transformed the global energy market.

In February 2014, price of oil was around $110 a barrel on global commodity exchanges. Today, the Brent benchmark crude extracted from the North Sea is hovering at $30 per barrel. The era of higher priced oil which began in 2011 now seems to be nearing its end.

Furthermore, taken in a historic perspective, the recent years are not typical: $20 a barrel was normal in the 1980-90s. In 1999, there were times when the oil price hardly reached $10. Could current events in the oil market be a signal of a similar tendency?

While economists and analysts have kept from predicting the future oil prices it is possible to outline the factors which have contributed the most to changing the global oil market.

Oil output increase in the US

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