The Oil Slump

  • Since Thursday September 4th, the daily spot price for European Brent has been below $100 a barrel. Brent is considered one of, if not the, leading benchmark for global oil prices. 

Source: U.S Energy Information Administration 

  • The decline in oil prices being witnessed at the moment have been attributed to increased production, notably in the United States, which has increased global supplies and put pressure on members of the OPEC cartel such as Saudi Arabia to lower their prices.