decline of oil price
TRANSCRIPT
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GEOECONOMICS
Challenge to Globalization
Group 7
DECLINE IN OIL PRICES
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Offshore Drilling and ROV’s
Hydraulic Fracturing
Seismic Imaging
CHANGE IN TECHNOLOGY
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OPEC determines production and prices of oil.
1.2 trillion of oil belong to OPEC
USARussia MexicoNorway
Non-OPEC Members
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WINNERS
LOSERS
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In 1986, the Saudi market share war.
In 1988, the oil glut happened.
The Gulf War in 1991 caused the third cycle
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The fourth downturn cycle happened in 1998 due to a lack of oil buyers in the Asian market.
2001 and 2008 recessions – the great recessions
In March 2014, the United States, the European Union, Japan and other countries started imposing sanctions against Eastern Ukrainian and Russian individuals and entities in response to developments in Crimea and Eastern
Ukraine.
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REFERENCES