Oil – suppliers are calling the shots

Since mid-2014 the oil price has dropped substantially, primarily as a consequence of significant supply growth, above all in North America where the establishment of fracking technology has enabled massive exploitation of previously inaccessible reserves. Other producing countries responded by boosting their output, thus accelerating the oil price decline. The price will not stabilise until the fracking fields have been depleted, the development of new fields has stopped and the remaining oil producing countries at least freeze their output.

Oil – suppliers are calling the shots(PDF, 75 KB, non-accessible)