Oil prices are being manipulated solely to increase more pressure on Mr Putin nothing more and nothing less The Russian economy is built on oil and Gas and the world is punishing Russia for upholding the invasion of Ukrain .
the market cannot over supply for any length of time (not years anyway),this will only make every supplier poore r ,I believe your right a lot of politics rather than economics in this ,from what I understand the oversupply in very small in the total production ,as many have said eventually the oil will be left where it is if there is no profit to be made ,then we will see one almighty spike upwards ,I,m still saying $80 by mid march but not as confident as I was .
Reasons put forward in the media for the drop was fracking, more energy efficient cars, more energy efficient houses etc. Thought this sounded not quite right. Usually, there is a drop in production to offset price drops. But not this time. Was suspicious of manipulation. Now Venezuela (Vens), as it slides into recession, complains of US over-production to bankrupt Russia and of course Vens. own economy! That sounds a bit more like it! So the drop in the price at the pumps won't last. Not good for North Sea Oil. Our car likes it though. Make hey..............
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