04-08-2015, 11:18 PM
When we think of the recent drop in oil prices, the question is not only who started it, but who’s responsible for keeping the prices falling. Probably no one would dispute that the price plunge began with the eager and copious production of oil from shale formations in the United States. From the American perspective, that was beneficial because it was bringing energy self-sufficiency to a country with the reputation as the world’s largest importer of oil.
Who’s To Blame For The Oil Price Crash?
In the last few years, there have been some remarkable technological innovations that have the capability of changing the global oil and gas scenario. Some of these innovations, if implemented successfully, even have the capability of altering the current global geopolitical landscape.
Top 4 Energy Innovations On The Horizon
Declines in U.S. oil inventories and capex may boost prices modestly in the near term, but production growth will remain too strong for substantial gains, Goldman Sachs said. "While the decline in the U.S. rig count has been faster than we expected, it remains insufficient in our view to balance the U.S. market in 2016,"
Why oil inventory fall won't boost prices much: Goldman - Yahoo Finance
Brent crude oil fell below $58 a barrel on Tuesday on signs of growing oversupply as Iranian officials visited Beijing to seek more oil sales after a framework nuclear deal that could lead to the lifting of sanctions. China is Iran's largest trade partner and has bought roughly half of its crude exports since 2012, when sanctions against the Islamic Republic were tightened.
Oil falls as Iran, China discuss more supply - Yahoo Finance