In mid-2014, crude oil prices were about $100, depending on which grade you wanted to buy. Now prices hover near $30—roughly a 70% decline in 18 months.
The ongoing oil price collapse is having a severely negative impact on the wealth of those who own oil reserves. Western oil companies and OPEC member states, however, aren’t so worried about oil reserves in the ground.
The number one problem is oil on the surface.
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