Showing posts from December 11, 2022

The epic fall of oil price

  The price of crude oil has been falling for weeks and the US crude stocks are no longer the crucial factor that determines its trend. Had it not been for the relatively high price of LNG, liquified natural gas, the fall of oil price would have been much steeper and more painful for the producers. The price of oil price crossed the psychologically-sensitive $100 mark at the height of summer in the northern hemisphere while wreaking havoc in the global economy as a whole: the economies were tentatively recovering from the once-in-a-century pandemic; the inflation skyrocketed; collective productivity shrunk in major economic power houses due to high energy costs. The outbreak of Ukraine war in February, meanwhile, left the decision makers dumbfounded as the room for political maneuvers got smaller and smaller, in proportion to the rising rhetoric - and counter-rhetoric - by the parties involved.  Since a major, global oil - and gas - producer is at the heart of the conflict, it goes wit

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