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new sources. they are made and will keep supply throwing for years. the former head of strategy for the i calan energy giant said there is no way to stop this. he predicts that prices could drop down to $35 a barrel. a primary reason that the price decline accelerated is that saudi arabia, the world s swing supplier that is the that can increase or decrease production has decided to keep bumping. the saudis know it hurts them, but they hope it will hurt everyone else more. one of saudi arabia s main names is to put america s producers of chal and tight owl out of business. american firms have used technology and smart business practices to stay afloat. major oil producing countries
the saudis know it hurts them, but they hope it will hurt everyone else more. one of saudi arabia s main aims is to put american producers of shale and tight oil out of business. so far it s not worked. though battered by plunging prices american firms have used technology and smart business practices to stay afloat. major oil-producing countries everywhere are facing a fiscal reckoning like nothing they ve seen in decades, perhaps ever. let s take a brief tour of this new world. venezuela. hugo chavez s popularity, 20th century socialism and mismanagement of the country s economy were made possible by one factor, a prolonged oil boom. oil makes up 96% of venezuela s exports. its economy is estimated to shrink by 7% this year, having already contracted by 4% last