Dr Carole Nakhle
The fall in the oil price, from highs of more than $100 per barrel from 2011 to mid-2014, to $50-60 has been described as the most important economic development of 2014. Analysts have since been contemplating the impact of such a decline on world economies, oil consumers, producers and industry. The most obvious conclusion is that the global economy and oil-consuming nations are the winners, while both the oil-producing countries and companies are the losers. The reality, however, is not that straightforward, especially when it comes to the producing parties.