The Future of Oil

The global oil industry is going through a lesson in Economics 101:  When supply increases, prices go down.  Crude oil prices are currently hovering around $45 per barrel, a 65 percent reduction from a summer 2014 peak at over $100 per barrel.  A surplus in crude oil supply has kept these prices down, a trend that is likely to persist as future demand remains uncertain and oil policies are used as political tools.

Last year, the Organization of the Petroleum Exporting Companies (OPEC) allowed prices to fall in favor of increased crude oil supply in the market.  Historically, OPEC has managed oil production to keep supply in balance with demand, thereby ensuring relatively steady prices.  For the time being, prices are being left up to market dynamics. 

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