Conflict Causes: Plunging Oil to Spark More Global Tensions in 2015

Dec 16, 2014 | New Straits Times
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LONDON: The oil market faces an uncertain outlook in 2015 as tumbling prices resulting from global oversupply stoke geopolitical tensions in key producers of crude, analysts say.

Oil prices have lost around half their value since June, punished by abundant supplies, a stronger dollar and weak demand in the faltering world economy.

Losses accelerated in late November when the Organization of Petroleum Exporting Countries (OPEC) – which pumps out one-third of the world’s oil – decided against cutting its output despite the supply glut.