Page 12 - Oil

MAJOR MILESTONES OF Here are some of the significant milestones of oil in the financial markets over the last decade. THE DECADE Following the U.S shale boom, OPEC agrees Political tensions in OPEC adds another to continue withholding the Gaza Strip cause a 1.6 million BPD. This 2 percent of the global oil temporary recovery miscalculation leads to supply. It starts producing of oil prices. a global oversupply and 32.5 million barrels per day. decline in oil prices. 2009 2014-2015 2017 2007-2008 2011 2016 The global financial crisis Political turmoil in Egypt, OPEC switches back to leads to a collapse in oil Libya, Yemen, and Bahrain supporting prices by prices. The prices plummet result in a rally of oil prices. cutting production.Oil from $145 to $33 a barrel Demonstrations, protests, prices rise as a result. in a few months. riots, and civil wars become rampant. 09 OIL IN THE FINANCIAL MARKETS 10