The Set Up For a Collapse of Oil Prices
Posted: Tue 09 Jul 2013, 19:29:03
The Set Up For a Collapse of Oil Prices
climateerinvest
petroleum-economist
Chatham House warns that the price of oil is heading for a crash similar to the one in the mid-1980s, when world oil prices fell by over 50%, writes Damon Evans.
THE oil price is heading for a crash reminiscent to the 1986 collapse, when world oil prices fell by over 50%, an energy economics expert from UK think tank Chatham House warned.
Professor Paul Stevens, who is also a specialist on the political economy of the Gulf States, told the Australian Petroleum and Exploration Association (APPEA) conference that the oil price is heading for a big fall over the next one to two years.
He had that while there are striking similarities to the price collapse in the period 1981-86, this time around, he believes the correction will happen in a much shorter space of time and it will rebound quicker too.
climateerinvest
petroleum-economist