Explore Your Options by Tom Gentile
Itís no secret the oil industry has taken a spill and with all thatís going on in the world, or certain parts of it at least, the situation isnít showing signs of reversing. The Organization of the Petroleum Exporting Countries (OPEC) made its decision on November 27, 2014 to not cut production, and that sent prices spiraling downward.
The assessment at that time was that there was a global glut of oil supply and that 2015 was not going to see a slowing down of that supply either. OPEC forecasted seeing an increase in supply in 2015. From June 2014 to December 2014, Brent crude oil saw a more than 50% drop in price. Last December, many felt the slide could go past 64, and in fact it did, hitting a five-year low that month. It didnít stop there, as it continued to make five-year lows that month, sliding down to the upper $60 to lower $61 price-per-barrel levels.