Inside Story – What’s Behind the Falling Oil Prices
Al Jazeera (2015)
A most revealing documentary. Unlike western pundits who speculate about conspiracies to wipe out shale oil producers (ie fracking) and the oil economies of Russia and Venezuela, these Middle East analysts stick to economic fundamentals.
The three analysts identify three main factors behind the present oil glut: shale gas production, a big increase in renewable energy production and dropping demand by emerging economies such as China.
They maintain Saudi Arabia’s primary motivation for current output levels is fear of losing “market share” if they unilaterally cut oil production.
There’s also an interesting discussion about the Saudi plan to introduce taxation to help reduce their $98 billion deficit.