a little over 1% world oil supply is excess ... pittanceAsia, Middle East, South and Central Amercia and Afrikan consumption of world oil has been increasing
more than US demand for world oil has weakened due to its greater production at home.
Oil price drops (intentional or otherwise) now obviously affect Russia and boost formal sanctions against Russia.
High priced extraction will slow and as supplies reduce, pricing will come back.
This drop is being amplified by chicken little/Sky is falling/Oil Armegeddon talking short sellers plus hedge funds looking to put a shine on their year end books, piling on top of tax loss season amplifying the fear and panic, all raving gleefully about an oil paradigm shift / Armageddon.
The question begs - What kind of a deal did the Saudis get for helping to put the kai-bosch on Russia's economic rise to more power and influence?
"The cure for low oil prices is low oil prices"