GEOECONOMICS

Challenge to Globalization

Group 7

DECLINE IN OIL PRICES

Offshore Drilling and ROV’s

Hydraulic Fracturing

Seismic Imaging

CHANGE IN TECHNOLOGY

OPEC determines production and prices of oil.

1.2 trillion of oil belong to OPEC

USARussia MexicoNorway

Non-OPEC Members

WINNERS

LOSERS

In 1986, the Saudi market share war.

In 1988, the oil glut happened.

The Gulf War in 1991 caused the third cycle

The fourth downturn cycle happened in 1998 due to a lack of oil buyers in the Asian market.

2001 and 2008 recessions – the great recessions

In March 2014, the United States, the European Union, Japan and other countries started imposing sanctions against Eastern Ukrainian and Russian individuals and entities in response to developments in Crimea and Eastern

Ukraine.

REFERENCES