Ein Fehler ist aufgetreten. Details Verbergen
Sie haben ungespeicherte Seiten. Wiederherstellen Abbrechen

In the summer of 2014, global oil prices began what would become one of the sharpest rates of decline in years.  By January 2015, global oil prices plunged to the lowest values since the depths of the 2009 global recession. After only a slight reprieve, August rolled around and Brent, a global oil price benchmark grade, was trading still lower at around $49 per barrel, a roughly 55 percent decrease since July 2014. The American benchmark crude oil, West Texas Intermediate (WTI), was trading at about $42 per barrel, a 60 percent decline during the same period. 

According to a World Bank Policy Research Note published in April, the plunge in global oil prices was set in motion by a confluence of several factors:

Together these factors have created an oil glut, the effects of which have been compounded by the broad appreciation of the US dollar.  According to the World Bank Note, "Empirical estimates of the size of the U.S. dollar effect cover a wide range: the high estimates suggest that a 10 percent appreciation is associated with a decline of about 10 percent in the oil price, whereas the low estimates suggest 3 percent or less [...] The role of U.S. dollar appreciation - triggered by diverging monetary policies in the United States, Euro Area, and Japan - was an important contributor to the latest decline in commodity prices." (p.14)

Take a closer look at each of the factors discussed by the World Bank with the comprehensive data and visuals provided in this series of dashboards by Knoema.

🏠                           US Shale Gas Boom        US Oil Production and Alternative Fuels        Global Oil Glut        US Dollar Appreciation

Download our latest ENERGY cheat sheet Download

Download our latest ENERGY cheat sheet

It's a one pager PDF full of live links to energy-related data, statistics, and dashboards from leading industry sources. It will be a useful resource for any analyst, business executive, or researcher with an interest in the oil & gas industry, energy companies, biofuels and much more.

Verwandte Dateneinblicke

Crude Oil Price Forecast: 2017, 2018 and Long Term to 2030

Brent crude oil price will average at $51.1 per barrel in 2017 and increase to $51.6 per barrel in 2018 according to the most recent forecast from the U.S. Energy Information Administration's Short-Term Energy Outlook released monthly. However, the real price of a barrel of Brent oil - i.e. price adjusted for inflation - will slightly decrease to $50 in 2018 as predicted by OECD in its June's Economic Outlook. After a modest growth in 2018 though, the nominal price of Brent crude will increase to $53.5 a barrel by 2020, as per IMF's Primary Commodity Prices Projections released in July. So will do the West Texas Intermediate oil prices...

US: The World's Newest Major Exporter of Crude Oil

This year the U.S. has averaged more than 900,000 barrels per day (BPD) of crude oil exports while continuing to import an average of 8.1 million BPD. From 1975 until late 2015, a crude oil export ban restricted crude oil exports from the U.S. to all countries besides Canada. In the years leading up to the U.S. shale oil boom, the U.S. was exporting less than 30,000 BPD to Canada. Canada remains the predominant destination for U.S. crude oil exports, but because of the repeal of the crude oil export ban, the U.S. exported crude oil to nearly 30 countries last year. By 2016, the total had grown to 591,000 BPD of U.S. crude oil exports. Thus...

BP: Crude Oil Prices

Source: BP Statistical Review of World Energy, June 2015 (Prices)

Oil Producer's Profile of Iran