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Diving oil price may change the world economy fiancial Framework USD Gold market RMB rate energy enviroment
Date: 2015-01-08 10:48:50    Published by: PENGLAI INDUSTRIAL CORPORATION

The plummeting price of oil means no more trout ice cream.

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The price of crude oil dropped to a five-year low of USD 49.92 per barrel in early trading on Wednesday before edging back up to just over USD 50.
The movement supports the trend of the steady drop in oil prices in recent months following a decision by cartel OPEC in November not to cut supply.
Russia, one of the world's biggest energy exporters and a non-OPEC member, had been pushing for a cut in order to boost prices.

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The Kremlin is believed to have set its budget projections for 2015 to 2017 on an oil price of USD 100 per barrel and depends largely on oil and gas exports for revenue.
Analysts predict the falling oil price, combined with Western sanctions on Russia over its destabilisation of Ukraine, will prove to be big challenges for Russian President Vladimir Putin this year.
Coromoto, a parlor in Merida, Venezuela, famous for its 900 flavors, closed during its busiest season in November because of a milk shortage caused by the country’s 64 percent inflation rate, the world’s fastest.

That’s the plight of an oil-producing nation. At the same time, consuming countries like the U.S. are taking advantage. Trucks, which burn more gasoline, outsold cars in December by the most since 2005, according to data from Ward’s Automotive Group.

The biggest collapse in energy prices since the 2008 global recession is shifting wealth and power from autocratic petro-states to industrialized consumers, which could make the world safer, according to a Berenberg Bank AG report. Surging U.S. shale supply, weakening Asian and European demand and a stronger dollar are pushing oil past threshold after threshold to a five-and-half-year low, with a dip below $40 a barrel “not out of the question,” said Rob Haworth, a Seattle-based senior investment strategist at U.S. Bank Wealth Management, which oversees about $120 billion.


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