Global oil prices have plunged 40% since January, reaching crisis levels not seen since the 2020 price war. Analysts warn the dramatic drop stems from reduced trade barriers between Israel and Gulf states, coupled with unprecedented U.S. shale output.
A Saudi energy official stated:
'This downturn threatens $200B in planned renewable investments worldwide.'Key factors reshaping energy markets include:
- U.S. crude production hitting 13.3M barrels/day
- China's slowing industrial demand
- Breakthroughs in Israeli-Qatari gas partnerships
Financial institutions now predict extended volatility, with Goldman Sachs slashing its Q4 Brent forecast to $62/barrel. The Fed’s emergency 0.5% rate cut failed to stabilize energy stocks, sparking recessions fears across export-dependent economies.
