Russia and Saudi Arabia are rethinking their economies.Alexey Nikolsky/Pool/AFPOil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.Oil market dynamics have changed so much that Saudi Arabia and Russia are diversifying their economies.The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because China — the world's largest oil importer — is in a prolonged economic downturn.
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htan@insider.com (Huileng Tan), Business Insider
Mon, 10/21/2024 - 7:43pm
Topics: if opec can said prakash. alexey nikolsky/pool/afpoil gdp abishur toronto middle eastern israel russia tied us last financial times september anton siluanov rt television's arabic saudi arabia too june international energy agency october over iranian august texas intermediate syracuse university europe opecthe trump saudi arabia middle east russia in china arabia business us geopolitical business insider iran us west huber producers ways economies world's biggest prices year members price economy potential role boom economic domestic market concerns shale vehicle adoption demand barrels global million electric boost dynamics years downturn production markets week gas diversify question share terms told geopolitics supply added key means region barrel crude futures day renewable plan conflict tensions drive
BING NEWS:
- 2 of the world's biggest oil producers are looking for new ways to power their economies
The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure. Oil prices have been depressed this year because China — the world's ...
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Over-estimating China's appetite for crude has been a factor in oil markets this year, especially by OPEC, and it's a theme that looks likely to continue in coming years.
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US oil producers have taken advantage of the recent surge in crude prices, locking in future sales to safeguard their revenue ...
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