News Snapshot:
When crude prices soared to $80 a barrel in 2009, the then Venezuelan president Hugo Chavez said it was "fair price". In 2012, he said the global price of oil should stabilise at around $100 per barrel. Venezuela's oil industry has collapsed, but the prediction of its late leader now seems a reality. From the historic low during the pandemic, global crude price has now been well above $100 since the Russia-Ukraine war broke out in February. Top oil traders see oil prices may exceed $200, may even reach $250 by end-2022. Every recession since the 1970s was preceded by...
