First oil

“There need not be a conspiracy, just a convergence of economic and political interests.”—Jonah Goldberg, American Enterprise Institute. Viewed strictly from a supply-demand perspective, the crude oil price decline is a simple, black-and-white issue. The global oil market now has an oversupply of about 2 MMbopd. Once this deficit is erased, the oil prices should start edging up. When you dig deeper, however, you encounter more than fifty shades of grey in terms of actions, reactions and motivations of the major actors in this unfolding drama.

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