{"id":40975,"date":"2018-11-27T17:30:18","date_gmt":"2018-11-27T22:30:18","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40975"},"modified":"2018-11-27T17:30:18","modified_gmt":"2018-11-27T22:30:18","slug":"the-biggest-losers-of-the-current-oil-price-slump","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40975","title":{"rendered":"The Biggest Losers Of The Current Oil Price Slump"},"content":{"rendered":"

The Biggest Losers Of The Current Oil Price Slump<\/a><\/h3>\n
\"oil<\/picture><\/div>\n
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The ongoing slump in oil prices, which has seen crude\u00a0fall<\/a>\u00a0so sharply from the 52-week high set in October that $1 trillion has been wiped off energy stocks, will cut deep into the pockets of major producers like Saudi Arabia, Russia, Nigeria and Angola. As the world\u00a0heads<\/a>\u00a0into an \u201cunprecedented time of uncertainty\u201d in oil markets, however, it\u2019s not only OPEC members who will suffer. Even countries who are less naturally exposed to fluctuations in oil rents, such as Malaysia and Canada, are more vulnerable than usual to the current oil price crash thanks to poor policymaking.<\/p>\n

Record losses<\/strong><\/p>\n

As recently as early October, Brent crude was\u00a0trading<\/a>\u00a0at almost $87 per barrel, amid\u00a0predictions<\/a>\u00a0of $100 a barrel. Since then, the commodity has\u00a0endured<\/a>\u00a0an unprecedented run of losses. Affected simultaneously by a glut in supply and a drop-off in demand, oil is now valued at almost half of what it was two months ago, after recording its\u00a0biggest single-day drop<\/a>\u00a0in three years.<\/p>\n

The projected decrease in supplies precipitated by American sanctions on Iranian oil has failed to materialize, thanks to the Trump administration unexpectedly\u00a0issuing<\/a>\u00a0waivers for eight countries, including major importers China and India. More worryingly, this abundance in supply may only\u00a0account<\/a>\u00a0for roughly 15 percent of the current slump in prices, with the rest caused by depressed demand linked to\u00a0sluggish<\/a>\u00a0economies.<\/p>\n

OPEC under pressure<\/strong><\/p>\n

As the industry holds its breath hoping that the December 6th<\/sup>\u00a0meeting<\/a>\u00a0will stabilize crude prices, lethargic demand is far more concerning than outsized supply, as OPEC countries do not have direct control over it.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Biggest Losers Of The Current Oil Price Slump The ongoing slump in oil prices, which has seen crude\u00a0fall\u00a0so sharply from the 52-week high set in October that $1 trillion has been wiped off energy stocks, will cut deep into the pockets of major producers like Saudi Arabia, Russia, Nigeria and Angola. As the world\u00a0heads\u00a0into […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[592,23230,23083,3992,23229],"class_list":["post-40975","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-oil-price","tag-oil-price-slump","tag-oil-price-com","tag-oil-producers","tag-richard-talley"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40975"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40975\/revisions"}],"predecessor-version":[{"id":40976,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40975\/revisions\/40976"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}