Oil-producing nations struggling for market power as prices drop

By Paul McGeough
Updated February 7 2016 - 1:13pm, first published 12:50pm
The slide in oil prices threatens to be as disruptive as the oil shock of the 70s. Photo: Simon Dawson
The slide in oil prices threatens to be as disruptive as the oil shock of the 70s. Photo: Simon Dawson
Cheap petrol prices could spell doom for oil-revenue dependent nations like Saudi Arabia, Iraq and Libya. Photo: Chris Ratcliffe
Cheap petrol prices could spell doom for oil-revenue dependent nations like Saudi Arabia, Iraq and Libya. Photo: Chris Ratcliffe
The price of oil has fallen almost 60 per cent since the start of June 2015.
The price of oil has fallen almost 60 per cent since the start of June 2015.
Crude oil prices have plunged roughly 60 percent since June last year, weighed down by plentiful supplies, the stronger dollar and weak demand arising from the struggling global economy. Photo: Jeff Pachoud
Crude oil prices have plunged roughly 60 percent since June last year, weighed down by plentiful supplies, the stronger dollar and weak demand arising from the struggling global economy. Photo: Jeff Pachoud

Washington: There's a lot of handwringing these days over the barrel bombing of innocent communities in Syria; over the flight to Europe by hundreds of thousands of Syrian and Iraqi refugees; and over the failure to date by the militaries of the world to end the nightmare of the so-called Islamic State.

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