What's structural?

Is the current slump in oil prices structural? Everyone in the oil and gas industry wants to know. The market crisis might indeed have structural dimensions, which is not to say that prices will stay at current levels, or any level, forever. Structural effects depend on how key market participants respond. Prices are low for good reasons. When those reasons no longer apply, prices will rise unless new reasons emerge for them to stay low. And no one should doubt that current prices are too low. When all producers hurt, as all do now, price levels are not sustainable. Too much oil The reason prices languish at current levels is that too much oil is at hand. Until recentl...

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