The oil price boom began in earnest on October 15, 2018.
A combination of a glut of supply from Saudi Arabia and an increase in production from Russia, OPEC member states and the US combined to bring oil prices to a new all-time high.
Since then, they have traded at their highest since January 2016, reaching $105 a barrel on October 20.
The outlook for the world oil market has been grim.
China is now the world’s biggest importer of crude oil, and the country has been building up its capacity to supply the global market.
It has been able to increase its production by more than 3 million barrels per day, but the price of oil has not been the same.
Since the beginning of the year, crude oil prices have plunged by more that 80% in some markets.
In some markets, the prices have crashed by over 90% as oil production has been curtailed or halted.
The US has seen a dramatic fall in oil prices, and its Brent crude oil futures have slumped over 80% since late September, falling by nearly half in the past week alone.
A number of companies, including Shell, BP, and ExxonMobil, have had to make major cuts in their production in the US in order to stay afloat.
Many have taken the easy way out and reduced output, leaving the world in the dark as the market’s supply dwindles.
While the fall in prices has been good for some producers, others have taken a hit too.
Here’s a look back over the highs to lows of crude prices in the world.
September 2018 Brent crude Brent oil prices US$/barrel $/barre Largest US oil producers Shell 1,400,000 -4.4% Chevron 1,000,000 0.4x Exxon Mobil 1,100,000 1.0x Total 1,200,000 5.2x Source: BP Statistical Review of World Energy 2018, BP Oil Market Insider newsletter The decline in the oil price has been particularly pronounced in the Middle East.
Saudi Arabia, the largest producer of crude in the region, is now producing about one-third less oil than it did just a few years ago, leaving its production down by 40% to just over half of what it was in the 1990s.
China, the world leader in producing oil, has also cut its oil output by more or less the same amount as Saudi Arabia.
In the Middle Kingdom, China’s output has been reduced by more a third.
The drop in oil production is hurting other Middle Eastern countries.
Russia has cut its production in half and its prices by a third in the last five months.
In Turkey, it is down nearly 70% in a single month.
The UK, meanwhile, has cut production by almost a third, and is now at about one million barrels of oil a day below where it was five years ago.
The impact of the fall is also taking a toll on the economy.
It will take at least another two years for the US to recover from the impact of its shale oil boom, but with the price slump continuing, it will be difficult for the economy to recover the way it did in the first half of the decade.
China and the EU are both doing well, and they will continue to have huge economic growth going forward.
However, the economic impact of all of this is going to be felt for decades to come.
September 2019 Brent crude Prices US$ /barrel US$