Friday, February fourteenth, the UN says at least 22 people have been killed in a village in the Northwest region of Cameroon. Over half of those killed were children. No one has claimed responsibility for Friday’s incident but the opposition parties blame the killing on the government.
Oil prices continue to rise and fall
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The prices of oil can fluctuate by the day, by the hour, even by the minute. In the 1990s the demand for oil had been decreasing but Organization of the Petroleum Exporting Countries ( OPEC ) continued to increase production.
At
that time, the price of oil fell $14.30 per barrel in terms of today’s dollar.
In 1996, a strong economy in the US and a booming economy in Asia led to
increase production by as much as 80 millions barrels from 63 million barrels a
day.
Since
the early 2000s, Chinese demand for oil has been growing. Its’ manufacturing as
well as other industrial sectors have taken off and led to an increase in
wealth and in the demand for vehicles.
In
response, OPEC has increased its production. The US production had been
decreasing due to the aging of the oil fields.
Soon
after the invasion of Iraq by the US, there was uncertainty regarding future
supplies and an increased speculation on oil which led to a jump in prices.
The
prices fell sharply in 2008 as the subprime mortgage crisis gripped US but they
recovered in 2009 and 2010 after OPEC cut down its production. After that,
United States discovered shale oil.
Companies
started investing in new technology which led to a surge in the production levels.
Nonetheless, the prices remained high.
In
2014 Libya and Iraq increased its production which resulted in a fall in oil
prices. In November, the OPEC members agreed not to slow down the production as
they wanted to maintain their market share.
There
may have been a conspiracy to bring down the prices. Falling oil prices in the
1980s helped bring down the Soviet Union.
The
sanctions which have been lifted in Iran have also contributed to decreases in
the oil price.
Saudi
Arabia, the largest oil producers among the OPEC countries, has said that the
country would cut its production by one million barrel per day next year if
Iraq and Iran freezes its increasing production.
It
also wants that the non-OPEC members Russia, Mexico and Oman also contribute to
the cause. But Russia, Iraq and Iran have out-rightly rejected this idea.
The
chances of production freeze between the world’s largest producers have boosted
global oil prices. If the OPEC members agree to cut its production then there
would be stabilizing of oil prices.
Saudi
Arabia may suffer with this deal.
It
may lose its market share in the face of a worldwide glut. Also increase in
supply of US Shale drillers since 2014 led to the drop in oil prices.
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The Sûreté du Québec announced Wednesday the arrest of an alleged fraudster specialist of a scenario called "Black money scam", in which victims are invited to participate in the cleaning of soiled banknotes, then are robbed during the operation. Cyrille Ngogang, 49 years old, was caught red-handed in downtown Montreal Tuesday afternoon. He appeared in court this morning to be charged with fraud and breach of commitment. The man is not in his first trouble with the law: he was previously arrested by the SQ on 19 January for charges related to the same scheme, and had been able to resume its freedom under strict conditions pending his trial. There are several variants of the 'Black money' scenario, but all involve a so-called batch of cash that has been stained with a dye or colouring substance. Scammers ask their victim to provide money to clean the hoard.
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