The price of a barrel of crude oil has hit a new record low, and it could be the beginning of a global price war.
The world’s largest producers are being forced to fight to keep prices at record highs, and that’s causing major disruption to economies around the world.
A global oil supply glut has forced the closure of over a third of the world’s oil refineries and forced many countries to cut production, reducing prices in some cases.
A new global economic downturn is also being created by the drop in oil prices.
With oil prices now lower than they were at the start of this year, there’s a big opportunity for oil producers around the globe to exploit their growing market share and create new revenues for their businesses.
But there’s also a potential for conflict and economic instability if the price of oil falls below $100 per barrel.
This article examines the geopolitical consequences of the global oil glut, which has already seen global oil prices fall by $300bn in the past year, and how that could affect global economies.
The global oil crisis is caused by the global supply glut.
The US is the largest producer of oil globally, producing over half of all crude oil.
Saudi Arabia, the world number one producer of crude, is one of the top two producers of crude in the world, followed by the United Arab Emirates.
US and Saudi Arabia have also been pushing for the global cartel to cut their own oil prices to more than $50 per barrel to help stabilise the global market.
However, they’ve also argued that their oil fields will keep producing at current prices because of the glut of oil.
This has caused a huge disruption in the supply chain for both countries.
The biggest impact on the global economies will come from the reduction in supply as companies such as ExxonMobil, Shell, BP, ConocoPhillips and Chevron have seen their oil production fall.
ExxonMobil has been forced to shut down its entire refinery in the US, and the US is now importing almost half of its oil from the Middle East.
The price fell to $35 per barrel in early October, but it’s now been trading below $30 for several months.
The drop in price is causing major disruptions in the energy supply chain.
In the US alone, ExxonMobil’s refinery has seen an average of just five or six oil tankers per day.
As oil production has fallen by over half, the supply of oil is also shrinking.
Shell is now running out of oil at its facilities in the Gulf of Mexico and Gulf Coast, and is already running out on some of its rigs, and some of the oil from its fields in Texas and Louisiana.
Conoco has also run out of the fuel it needs to operate its oil refines, with the oil company reporting that it will not be able to meet its demand until 2020.
Chevron, which is the world leader in natural gas, is also in the process of running out.
This is due to the reduction of natural gas production in the region, with many countries in the Middle Eastern and African region cutting back on their natural gas imports.
Meanwhile, Chevron is also facing difficulties in its pipeline system as a result of the increased supply.
The company has been struggling to get its pipeline systems to the US market.
With its pipeline running out, Chevron has had to import oil from other countries, which have to pay for the crude oil to be transported to the company’s refineries.
Chevron has also lost around 10% of its refining capacity, and has to shut some of their refineries, which means they will be unable to process the oil they export to the market.
There are also concerns that as prices fall, there will be an increase in the amount of carbon emissions.
The rise in oil and gas production has led to the increase in carbon emissions, and as a consequence of the fall in oil, global temperatures have risen by around 1.5 degrees Celsius.
As the price drops, the carbon emissions in the atmosphere will rise, which will be a big problem for the world economy.
This global economic war is also likely to be linked to the collapse of oil prices because the world is starting to use up the surplus that oil companies have accumulated.
The glut has also led to an increase of the demand for food and other basic products, which are also used in the economy, and this is creating a major shortage of food.
The shortage has also caused an increase demand for energy.
This increase in demand for oil and other commodities has led oil prices in the global markets to fall, but that hasn’t helped the global economic recovery.
The collapse of the price has also created a financial crisis for the oil industry.
Companies that have run out on their supply chain, such as BP and Conoco, have seen the value of their oil fall, leading to huge losses for their companies.
The companies have also had to make drastic cuts in their dividend payments, which can cause a financial panic.
This financial crisis is