| Summary/Abstract |
A number of factors led to the fall in the price of oil. First, the shale revolution in the US, which not only saw production growing but US oil and gas imports falling, freeing up supplies originally destined for the US market. This led to the initial glut in supply. With the US then exploring options of becoming a net exporter to shore up domestic prices and keep the taps running, the traditional oil exporters started pushing up their production in order to retain and expand their market share, even offering discounted prices in some cases. While this has served to wipe out the extra barrels that could be brought in at short notice—mainly by Saudi Arabia—it has also led to an oversupplied oil market.
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