Stephanie Yang and Amrith Ramkumar, Wall Street Journal, do an excellent job writing about the collapse in crude oil prices, here…
“As economic growth outside the U.S. has flagged, producers and traders are beginning to worry that demand for crude will also decline. In export-dependent Germany, a purchasing managers index hit a four-year low, well below the level economists were expecting.The steepness of the drop has prompted Saudi Arabia and the Organization of the Petroleum Exporting Countries to consider a plan to quietly cut production to bolster prices, according to people familiar with the matter.”
“Ballooning shale production—American output has nearly doubled since the start of 2012—has made the U.S. a key supplier and exacerbated worries about a global glut of crude.”
They include some nice charts, too:
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