Global Oil and Gas Cities Update

The oil price slipped below $30 a barrel during 2015 and despite its recent rally over the past few weeks, with pricing back to $40 a barrel, prospects of a return to pre-plunge levels remain unlikely. US and OPEC oil producers have kept pumping in the war for market share which has led to the current glut. Demand is fitful due to the economic slowdown in China and emerging markets, and moribund Eurozone. Overall, the falling oil price has been good for net importers of oil but bad for net exporters. Consequently, most energy centric cities dependent on the industry are suffering from reduced activity and consolidation.

Crude oil prices

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