Monday, March 23, 2015
OPEC, US and Russia, where is oil headed to ??
Energy is a hot topic any day, as without energy one cannot survive in this world.
Just a year back, crude oil was hovering at around $ 150 per barrell. Exactly 12 month later, we find oil pices have fallen drastically, now it is quoting at $48/barrell. It is headed further South and bound to touch $20/ barrell by the year end ?? What is the impact of this on the world ?
How has the world come to this state ?
1. OPEC is not ready to cut its production fearing losing market share
2. US wants to exploit shale oil and gas through fracking and assert its dominance on oil
3. US wants to exploit more shale oil with better efficicncy
4. Russian oil is losing demand and prices are falling. 60 roubles are needed to get a US dollar now.
China and India are benefiting from this global oil glut. How will it benefit the world ?
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