“No change.” It was roughly one year ago that Kuwait’s oil minister succinctly delivered the message that would turn the oil market on its head. The group of oil producing nations had decided to keep the organization’s output at a ceiling of 30 million barrels per day, despite the fact that supplies were surging thanks to U.S. shale producers while demand, especially in China, was weaker than expected. Those two little words sent the price of crude into a tailspin from which it has yet to recover. Brent Crude Oil Spot Price data by YCharts. Halting the ascent Those two words really inflicted significant damage to the worldwide oil market. Investment in new oil projects plunged with $200 billion of investments in new oil projects being deferred this year , and upward of $1.5 trillion in future projects at risk of not being developed due to challenged economics at […]