I’m watching the screen. Every dollar knocked off a barrel of oil shakes the market like a mortar shell. This is war. World war. It’s a price war between the corporate foot soldiers of major oil producing nations.
Oil prices have halved in three short months and the early casualties are starting to come in. Severe budget cuts. Wounded bank accounts. Bankruptcies. Shell shocked bankers. At a national level, some producing nations like Venezuela are already limping. The fog of this price war has just set in and it’s hard for stakeholders in this business to see much beyond a lot of pain. Read more