After a year of low oil prices which have brought cheaper fuel for most but lack of investment leading to wage and job cuts in the oil and gas industry have we finally turned the corner?
This article in World Oil cites the 27% rise in crude prices in three days amid news that maybe Saudi Arabia and Opec are ready to discuss a cut in output as long as it is a global cut and not just Opec countries.
Some people are trying to downplay the news, maybe they are right, the price of oil seems to be being driven purely by speculators and market makers rather than supply and demand fundamentals.
Remember how many times in the past, when the oil price went up, we were told it was due to instability in the middle east?
Can the Middle East have ever been less stable than right now? And yet oil is at lows not seen for 6 years.
It’s a strange World out there!