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oil price falls again, conspiracy or market-orientation? international financial futures market gold

344 views · Published 1 December 2014 · 19:11 · Indexed 28 September 2026

Channel: Fluss He · 2014 · News & Politics

Oil prices have been dropping sharply over the past three months — a huge energy story with major repercussions for dozens of countries, from the United States to Russia to Iran.

But on Friday, prices went into serious free-fall. The reason? OPEC — a cartel of oil producers that includes Saudi Arabia, Iran, Iraq, and Venezuela — had a big meeting in Vienna on November 27. Before the gathering, there was speculation that OPEC countries might cut back on their own oil production in order to prop up prices. But in the end, the cartel couldn't agree on how to respond and did nothing.

Oil prices promptly nosedived, with the price of Brent crude now hovering around $70 per barrel.
This marks a big shift in global oil politics. Essentially, OPEC is now engaged in a price war with oil producers in the United States. The cartel will let prices keep falling in the hopes that many of the newest drilling projects in the US will prove unprofitable and shut down.

This is a risky stand-off for OPEC, as many of its member countries require high oil prices to balance their budgets. Iran, for one, is facing a real pinch. It's also a sign that OPEC's influence over global oil markets may be waning.

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oil price falls again, conspiracy or market-orientation? international financial futures market gold

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