An oil refinery is seen with the Rocky Mountains freshly covered with snow in the background in Denver October 14, 2014. Brent crude fell almost 3 percent to a fresh low near $86 a barrel on Tuesday, trading at its weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next. (REUTERS/Rick Wilking)
Oil - A Question of Economics
October 30, 2014,
Luay Al-Khatteeb discusses the recent debate over falling oil prices. He says that the International Energy Agency (IEA) has reduced its growth forecasts for 2015 suggesting that demand may grow modestly by a 1 mbd to nearly 93 mbd. Al- Khateeb concludes the economic solution to our energy requirements is to invest in low cost producers instead of preventing them from reaching the market by financing chaos in the Middle East and Africa.