Falling oil prices leading to cuts in social programmes will put Venezuela's President Nicolas Maduro under pressure (photo: dpa)

The geopolitical impact of falling oil prices

Innovations in technology and the shale oil and gas revolution in the United States are one major component for falling oil prices, but the inability of Middle East oil producers in OPEC to reduce their production to maintain higher prices is also critical. And lower prices and revenues will have huge economic and social impacts for oil-producing countries.

<i>Rapidly falling oil prices could be a temporary phenomenon confirming higher volatility and short-term fluctuations of the future global oil market caused by weakening global economic development. But there could be more fundamental and lasting structural factors to explain the price fall and the surplus in oil supply. Tec...

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Dr. Frank Umbach
US crude oil output has increased by 80 per cent (+3.8 mb/d) since 2008. The US will overtake Saudi Arabia to become the world’s largest producer of liquefied petroleum
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