Middle East takes control of oil supply chain

The developed world does not want the oil supply chain anymore anyhow. They only wish to get the products so that should be a good thing for everybody. But is it? Oil has gone below USD 70 and if we factor in inflation that equates to less than USD 50 in 2009 terms. Imagine what faces we would have made in 2009 if oil had fallen below USD 50. Would we have rejoiced? I doubt. A lot of the black goo would have been considered too expensive to lift including much of the shale patch. But shale is not shrinking which tells me quite something about how far we have come in terms of breakeven costs for US shale. 

Middle East takes control of oil supply chain

The region, known for its crude output, has gone from product importer to exporter, easing supply worries in Europe and creating a supply glut in Asia and elsewhere

www.pemedianetwork.com

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