 The Sharp Fall of International Crude Oil Prices from 2014. Causes, Impact, ProspectsMariana Papatulica Conjunctura economiei mondiale / World Economic Studies, 2015 Abstract: The international crude oil market has experienced, since June 2014, a sharp decline in oil prices, which caused a sudden reversal for the state of an industry that seems to be the victim of its own previous success. The above mentioned evolution has been perceived as a collapse of the “business model†practiced in the last decade (2005-2014) by major oil companies that maximized oil production, based on the support of constant high oil prices. After being a major incentive for the accelerated development of shale oil and gas by hydraulic fracking in North America, and of other expensive energy projects too, they gradually favored the accumulation of an oil oversupply on the international market, which associated with a demand drop in Western economies, due to economic stagnation and increase of energy efficiency, triggered an unexpected and accelerated decline in crude oil prices, starting from the second half of 2014. Keywords: crude oil price; oil oversupply; fundamentals; macroeconomic impact (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:iem:conjun:y:2015:id:2822000009592019 Access Statistics for this article Conjunctura economiei mondiale / World Economic Studies is currently edited by Simona Moagar Poladian, PhD More articles in Conjunctura economiei mondiale / World Economic Studies from Institute for World Economy, Romanian Academy Contact information at EDIRC. |
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