Mexican Media Brands
Oil Prices Drop to Three-Year Low
The price of crude oil dropped to its lowest since 2011 on Tuesday as Saudi Arabia deepened a price war with members of the Organization of the Petroleum Exporting Countries.
#economics
Share
The price of crude oil dropped to its lowest since 2011 on Tuesday as Saudi Arabia deepened a price war with members of the Organization of the Petroleum Exporting Countries.
West Texas Intermediate oil sagged to $77.19 per barrel, down almost 30% since June. Brent crude, the standard overseas, is at a four-year low of $82.82.
Global petroleum supplies have widened because of slow economic growth and a significant increase in output from the U.S. OPEC has been bickering internally whether to cut output or reduce prices. Saudi Arabia, the cartel's largest producer, has opted for the latter to defend market share.
Saudi oil shipments to the U.S. have dropped to about 1 million barrels per day from 1.5 million bpd in 2008 and 1.3 million bpd in 2013, according to the U.S. Energy Information Administration.
Analysts say the price decline is likely to continue until U.S. oil falls to about $70 per barrel.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future