The oil price affects all of us, so its movements are a popular target of speculation. So far in 2019, the oil price has been tracking upward, and oil-market watchers are asking themselves if it could hit $100 per barrel soon. The definitive answer remains elusive, as the multiple and at times conflicting elements that determine the price of oil are in a word: complicated. Stay tuned as OPEC meets in June.
Abu Dhabi, capital of the UAE, is rich in oil but suffers from underuse of its own human resources. Abu Dhabi’s commitment to rebalancing away from oil will be underpinned by improvements in financial education, exemplified by a new academy launched by Abu Dhabi Global Market in partnership with the London Institute of Banking & Finance.
Those who are bullish on oil prices have finally been vindicated with solid proof: prices for the black gold have risen to heights not seen in two years. Even though there is a big question mark surrounding the continued upward momentum in prices, with forecasts predicting almost matching increases in supply and demand over the coming months, the recent rally has encouraged beleaguered producers.
Russia is amongst the global heavyweights, but its economy and stock markets are vulnerable to forces outside of its control, especially the price of oil but also politics in other parts of the world, such as the United States. The country’s fortunes will depend on how oil prices fare but also on how well relations with the new administration in Washington pan out.
Brent crude prices have seen a consistent decline from well over $100 per barrel in 2014 to less than $30 from the beginning of 2016. Based on oil prices that had been rising for more than a decade prior to 2015, energy companies made massive investments in drilling and exploration.
The decline in global oil prices between mid-2014 and February 2016 had a dramatic impact on many economies around the world. Prices slid below the average costs of production for many oil-producing nations, which in turn rendered their