THE oil price has fallen by more than 40% since June, when it was $115 a barrel. It is now below $70. This comes after nearly five years of stability. At a meeting in Vienna on November 27th the Organisation of Petroleum Exporting Countries, which controls nearly 40% of the world market, failed to reach agreement on production curbs, sending the price tumbling. Also hard hit are oil-exporting countries such as Russia (where the rouble has hit record lows), Nigeria, Iran and Venezuela. Why is the price of oil falling?
Why the oil price is falling
The drop in prices is the result of four different factors
More from The Economist explains
What are the obligations of Israel and Hamas to protect civilians?
International Humanitarian Law creates obligations—but contains numerous caveats
Why is so much of the internet’s infrastructure run by volunteers?
Malware smuggled into XZ Utils software highlights a bigger problem
The growing role of fighting robots on the ground in Ukraine
Drones already fill the skies. Now uncrewed vehicles are heading to the front lines