Every morning I record a podcast in French (see here) on a specific topic. The text below is the translation of this morning podcast.
The drop in oil price will have a salutary effect on the economy of the Euro Area.
The lack of commitment between oil producers at the OPEC meeting in Vienna on Thursday the 27th implies a continuous slide in the oil price.
This situation reflects a very peculiar situation on the oil market which is in excess supply. Demand’s dynamics is limited because of the gloomy global growth momentum. At the same time, production is at a high level. Every producer tries to improve its revenues by increasing its own production or by maintaining it at a high level.